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MZS1! trade ideas

Soybeans Calling BIG down day today for beans. Looks like a weak Argentina crop cant compete with a +500bu carryout in the US. And talk of farmers increasing acres... How is the thought of that going to help things. This tariff talk... Not going to be friendly in regards to US exports to china. And about those technicals... I mean come on. This market was OVERBOUGHT. end of story. I think this one is a near term short play. Momentum is headed down. Get out of the way and catch a ride down the hill. New support will be found or it will head all the way down to the lower parallel. I mean yes, large specs are still long overall, and this thing could get choppy with another super dry forecast over the weekend. Buuuuut too many bearish indicators in this one telling us its due for a little beating. How much lower could we go? That is the magic question my friend. But for now, sure feels like some short term profit potential is calling. We will see how this plays out...
CBOT:ZSK2018Short
by Mr_BidAsk
Bullish beans pending breakout New crop beans are a little indecisive here at this point in time. But there are a few key indicators pointing to a movement upward. 1. Fundamental Analysis: - China has been on holiday the last week. beans are cheap when comapred to rest of global market. - China needs to buy beans for nov coverage. -when they get back you will see big buying which will allow us to have good exports. 2. Technical Analysis: - stoch looks promising - big buying last couple days bringing increased momentum. - bullish channel forming nicely after bounce from the support -ascending triangle forming within the bullish channel Look for a breakout through resistance of ascending triangle, then look for price to test upper side of bullish channel. If price is held at ascending triangle resistance, look for move to lower side for another bounce off of support.
CBOT:ZSX2017Long
by Mr_BidAsk
Soybean Following Uptrend Bullish ButterflyNovember Soybean is following an uptrend. Although today was bearish and probably the next two days next week, we should see another round of buying. Soybeans got hit on the USDA report so not too sure how high this will go. This may be a simple three drives pattern and double top rejection. R1 becomes resistance. Trendline becomes support. Next downside target is at pivot at 955'2, then trend. If trend broken and stays below trendline at the end of the day. S1 at 925'3 will be the next target. Bullish Butterfly is the pattern. "With production looking a little bigger, futures should battle to hold Aug. 31 lows. The best chances for rallies in the short term come from weather in Brazil, where conditions are dry ahead of the start to planting Sept. 15. " www.farmfutures.com
CBOT_MINI:XKX2017Short
by hopscotch