1D Lower High made. Short.Soybean Meal (ZM1!) made a Lower High on the 1W Channel Down (RSI = 39.076, MAC = -8.620, Highs/Lows = -5.800, B/BP = -25.7200) and should now reverse lower towards a new Lower Low. The first short target is 293.80 as the Lower Low extension since the last bottoms supports there. If crossed, we will continue shorting, TP = 275.20.
Soybeanmeal
SOYBEAN MEAL WAVE 3 OF 5Key level = 336.1
Focus to the downside for wave 3 of 5.
key level must hold for this 1-2-1-2 setup.
1D Rectangle. Scalping.Soybean Meal is trading sideways inside a 1D Rectangle (325 - 341) since late June (RSI = 46.257, CCI = -35.7793, Highs/Lows = 0.0000, Ultimate Oscillator = 49.818). Our optimal strategy involves scalping within 326.60 - 338.10.
WAVE 4 MATURE ENOUGH?Its already been one month since ZM in correction mode.
Maybe its time to wake up??
Expecting wave 4 will end soon in near future
Hai ZM! my new best friend :D
I will follow you rapat rapat!
short the heck out of DEC.soybean meal (SM1!)super promising trade of 1st quarter short the heck out of soybean meal (SM1!) overview of past weeks ytd www.agweb.com and upcoming action www.agweb.com 4Hr DAILY WEEKLY im personally bearish meal due to the huge runup. www.agweb.com "South America Conditions - The 2018 Argentina bean crop is one rain event away from being significantly large. This could hurt exports for the US crop forcing a larger carryout. A supply disruption in South America is really necessary for a significant price increase at this point.
Guaranteed Profitability - I know beans are profitable now and corn is not, so I want to lock in prices." my target of december 2018 contract is below last years low of 2017 at or near 300. aLSO, MY FIRST CHART INDICATOR (ENI) IS ABOUT READY TO BEGIN ENTRY INTO RED ZONE IN A FEW DAYS.
AS ALWAYS DO YOUR OWN DUE DILIGENCE.
June 2017 Soybean Crush Spread TradePM's Crush Spread (+1 ZS Soybeans, -1 ZL oil -1 ZM meal to sell this spread). September 2017 futures contracts.
This chart is weighted by Market value of each contract (the y scale shows profit / loss per 1 lot).
1. Seasonable window for lower prices in this spread from end of May until end of June.
2. RSI Divergence.
Soybean Meal Rose off Shark PatternJuly Soybean Meal rose off Shark pattern. Too much Soybean in market right now so rise is probably getting rid of oversold position before starting down again. Projecting rise to somewhere around 328-324. Next projected pattern bearish butterfly.
Mid-term cyclic bullish setup for Soybean oil - ZL CBOT FuturesLook forward for gain starts in early April
Soybean Meal Gartley Almost CompleteMay Soybean Meal Gartley pattern almost complete, but may turn into a Bullish Butterfly. We may see a pause at 78.6 before trending lower depending on how fast Brazil can take off their large crop, and what the feelings are of traders. Major support for butterfly comes in at 313.7. Gartley comes in at 322.7
Soybean Meal Sold off Bearish FlagJune Soybean Meal finally sold off the bearish flag today moving closer to finalizing Gartley pattern as minimal position.
Soybean Meal Bearish FlagSoybean Meal is showing a bearish flag. Looking to see if the flag is compromised above 340 to sell to 329.6
Can Soybean Meal be ready to challenge last year's highBased on the ADX and TSI, I think that bean meal is setup to make a run at the highs from last year if not the gap on the SM1! chart from June 2014. weekly price has found support on 100EMA and has pushed through 200EMA already but has pulled back.
CornMay Corn fought back after Trump called the president of Mexico to ease tensions after tweets. This market is above the 20 day moving average. Last 3 candles are rejecting lower prices. Mexico is a large buyer of US Corn, so if these talks falter, Corn may continue downward.
We could also be looking at a head and shoulders pattern. Neckline coming in at 360'6 support from back in September. Possible trade down to 78.6% area to build out the other shoulder.
Lastly, an Elliot Wave is here (plotting will just make this chart even more busy). Leg 4 has completed and the last leg up would complete the butterfly. A lot going on for just one market.
Soybean MealThis market is a little more interesting than Soybean commented. The downward trend is slowing and candles are starting to rise. This market may be ready to move to higher prices off of the bullish flag. Meal will either produce a double top reversal, move higher into a Butterfly pattern or crash completely. Soybean Meal like Soybeans are moving against the huge Brazil harvest.
Soybean MealMay Soybean Meal also has a bullish flag. Next target for bulls is 360. As stated in my Soybean comments, Brazil and Argentina are harvesting so this price action may be under duress. Gartley pattern has completed.
Soybean MealApril Soybean Meal is bullish flagging as well. Sticks are on the high side of the channel. Look for break up in the next day or two. Potential run up to 380 Butterfly. This market opposed to the Soybean market is more overbought, however this hasn't affected these markets. Be cautious.
Soybean MealMarch Soybean Meal up sharply on USDA report. Next target for bulls is the top of previous high at 331.6
