Strength in SoybeansWell, I was trying to sell it but the 1250.0 support is working quite well. W bottom formation now completed. Target should be 1370.0. I'll wait a pull-back to the 20MA to enter long.
TGSB1! trade ideas
SELL BEANS WEAR DIAMONDS (revised)?Moving to May contract. Beans are at a critical juncture here. A trade below the pivot low posted on the 24jan2014 is going to trigger sell orders and project the price lower. The target is around 1200. where we could post the typical seasonal low.
Educational video
www.youtube.com
A new good entry point for SoybeansA good entry point might develop tomorrow if this prospect confirms.
US soybeans exports shipments have accelerated and to date exceed seasonal pace to hit USDA target by 159 mln bu vs 144 mln previous week. Tomorrow (Dec 10) USDA report is expected to decrease US ending stocks to a even more critical level, and recent price action, especially today, seems to reinforce that. Watch market reaction to the report.
...this added to some technicals, seasonals and fundamentals drivers displayed on the chart.
Soybean's harvest low offer potential upsideSoybeans has hold on the bottom of its long term uptrend and now is showing us signs to go long:
Technical Weekly
+ Bullish Engulfing candle pattern
+ MACD bullish crossing (about to happen)
+ RSI bullish divergence
+ RSI Oversold
Technical Daily
+ MACD bullish crossing
+ MACD divergence
+ RSI above 40
+ RSI bullish divergence
+ Stochastics bullish crossing
Fundamentals
+ Good up movement on Friday,November 7th, after a neutral to slightly bullish USDA report
- S.America planting season on perfect situation
- Record S.America crop
Seasonals
+ Soybean's harvest low offer potential upside
+ Oct historically 66% up months; Nov historically 57% up months
Entry point: a daily close above 1318'6
Stop: a daily close below 1296'0
Target: after bearish signals (to be defined)
Any other idea ?
Please, feel welcome to share.
