Soyben Oil : Head & Shoulderon a log scale, the head and shoulder formation objective have likely been fulfilled. This should augment the idea of
a high probable bottoming with the other confluences in price objectives.
ZL1! trade ideas
Soybean Oil : Bull setup?December beanoil is a high probable low area worth having a closer look as numerous projections and retracement confluencing at around the 37-38 cts.
The time taken in the bull market from March '20 to April '22 is almost the same time it took to retreat. At the recent low,it took 840 calendar days compared to 772 days of rise.
Supporting the high probability is the triple divergence of MACD.
ES gold soybean oil8 28. 24 in this video there was a 2-bar reversal moving lower on the ES and I think this could be a good short trade with a small stop and potentially a real good Target or a substantially real good Target lower and I explained that. I don't think it will take a large stop to stay in the trade. gold has been Trading in a Range it was predictable early in that pattern.... and it's a good example of how markets can make new highs and you would think that that would be easy Trading but it really isn't that easy unless you can frame it and also realize that markets that make new highs frequently don't go a lot higher or lower.. the range and you want to judge the market that way if the range is significant enough to give you short-term trades as a buyer and or a seller. the last Market was Soybean Market and it could be one of those examples where you get out of your trade if you were long at the bottom and now it's getting a little tougher to stay long without Corrections.... and you want to think about those decisions because if it doesn't go much lower it can go higher than we have so far. I think it's tough to hold trades like this where the market had a great reversal point to go higher but the market didn't give it as much of a reward as you would like.... and that can influence you to think that the market is at high risk of making new lows and that you should take your profit. I talk about that a little bit.
Long trade in soybean oil8 19 24 soybean oil just generated a long trade during this video. it was not a long trade last night because it was too late to go long... but it ended up going just a little higher and then going lower to a support area a little after 10:00 in the morning..... and it's worth looking at the differences in the pattern to avoid what would have been a losing trade versus getting into a trade a little bit later when it corrected to a support and gave you much better opportunity with essentially very little risk compared to the reward. dxy, oil, ES, gold, Tesla we're also discussed in this video
soybean oil8.6.24 soybean oil went a little bit lower today to a measured move and a possible reversal with a fairly small stop. I do not trade this Market. it but it is probably a good Market to look at. I showed you how you could have found the short trade, where you should have taken your profit, that you have the beginning of a long trade to go higher. it's a good exercise in knowing and consciously thinking about where the buyers and the sellers are on the way down and on the way up.
Is Soybean Oil Heating Up? Of the grains and oilseeds, soybean oil has been the clear laggard. Corn, wheat, soybeans, and even soybean meal have seen notable rallies over the course of the last 4-6 weeks. However, there are indications that may soon change. As ingredient buyers know, soybean oil typically trades at a significant premium to its rival palm oil. The chart below overlays a 5-year continuous chart of front month soybean oil futures prices along with a 5-year continuous chart of Malaysian palm oil futures. As displayed by the chart, in each instance over the past 5 years in which SBO’s premium has eroded relative to palm oil, we’ve seen soybean oil prices rally in excess of 15%.
Fund Positioning :
Extreme fund positioning is typically viewed as a contrary indicator. As such, managed money funds holding their largest net-short position in soybean oil futures of any point in the last 5-years adds to the bullish case in the immediate term. Per the last CFTC Commitment of Traders report, managed money was holding a net-short position of 58,748 contracts. In the instance that prices grind higher, short-covering on behalf of managed money could accelerate a move to the upside.
Technicals :
Lastly, the technical landscape of soybean oil also looks constructive. There is significant bullish divergence between the two most recent lows, and a standard 14-day RSI. In other words, the most recent successive lows came on less conviction. A break and close above the most recent swing high of 50 should lay the groundwork for a test of the swing-highs observed last July between 64 and 66.
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ZL1! looking strong in lower 40'sLooks like volume is picking up in the lower 40's range on soybean oil. The summer months could also bring heavy volume and we could see buyers take control. I could see it hit the top of my trend line before coming back down in the colder months. Just an idea and would love to see thoughts
CBOT soybeans set one-month low under pressure from firm dollarChicago Board of Trade soybean futures ended weaker on Tuesday after touching a one-month low as strength in the dollar weighed on grain markets.
CBOT May soybeans SK24 settled down 13-1/4 cents at $11.45 per
bushel and hit their lowest price since March 6.
CBOT May soymeal SMK24 ended down $3.20 at $335.30 per short
ton, and May soyoil BOK24 dropped 0.56 cent to finish at 44.91 cents per pound.
The United States continues to face competition for global soybean export sales from cheaper Brazilian supplies.
SoyBean Oil @ $44.70In this video, we look at the Soybean market CBOT:ZL1! which is a commodity.
Now if you have been reading or watching my videos.
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One thing you will notice is that i like the commodities market.
Even though most of the time i talk about the stock market
i really have a passion for the commodity
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market because it reflects the everyday prices of goods such as food
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In this video, we look at the soybean oil market
notice that it's in a reversal?
Have you seen the candle stick pattern that shows you momentum and reverse?
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Watch this video to learn more.
Thank you.
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Disclaimer: This is not financial advice please do your own research before you trade. You will lose money trading take this as a warning.
a Pullback Rally or Continue Its Decline without correction?As we can see, soybean oil closed at the level of 49.17 and has made a lower low compared to the previous low.
So, my expectation is that the price will continue its downward trend until it reaches the daily support level around 47.50 .
However,
Before this decline occurs, I anticipate a pullback in price, possibly rising to the price zone of 50.91 or even reaching 51.00 before experiencing a decline to the 47.50 level, as mentioned earlier.
In any case, you need to ensure proper risk management and consider micro and macroeconomic fundamentals when participating in this market movement.
Will soy reach a price of 53.49?As you can see, this increase is temporary in nature because the overall trend is still in a downtrend. So, my expectation for now is that soy prices will climb until they reach the daily resistance zone around 53.50 (as indicated by the red box drawn).
It is anticipated that the price will experience a decline upon reaching this level because this zone can be considered quite strong since it hasn't been touched yet.
This decline is supported by the fact that soy prices have broken the previous low of 52.08 and are expected to drop to the daily support zone around 50.47 to 50.17.
ZLF2023 - SOYBEAN OIL JANUARY 2023Elliot waves impulsive forecast trial
I use fib time & trend to predict waves time & price lengths.
Despite this Monday 28th Nov bull opening, I still beleive wave 2 shall find a lower price by end of the session and shall price the low most probably druing overnight session before starting wave 3 tomorro tuesday 29thof Nov.
If I am wrong, wave 2 was finished when touhed 70.27,meanign wave 3 started. Iwoudl update graph tomorrow
This NOT a trading advice and my first publication. pls be good..
Looking for buyers in a number of markets10.6.23 A number of markets have traded to the end of their ABCD patterns going lower and are coming to support areas. I did a review of four to six markets some of which I've never traded or haven't traded for years.... just to look at the patterns and look for reversals.
