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Soybean Meal FuturesSS

Soybean Meal Futures

295.6USD / STND
−2.3−0.77%
As of today at 08:04 GMT
USD / STN
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ZM1! trade ideas

Soyameal long play failed Soyameal: Similar to the soybean chart the price in soyameal failed to make a decisive reversal during the first 2 sessions of the week which made us abandon the bull scenario and start looking for further decline of the price to the 300 level during the rest of August. If and when price would break the 370/372 level to the upside we would start considering our previous bull scenario again. Price will probably trade a bit further up during the coming week to the 360 level but we expect it to reverse again and resume its move to the downside by the end of the coming week or possibly early during the week after that in order to complete a 10-15% decline in value.
C
by Remko
CBoT soyameal long ply with tight stopSoyameal: Price has arrive at our target ahead of time and drew a beauty of a 'hammer' on the chart. A 'hammer' is a very reliable bode that the end of the downmove is imminent but it needs confirmation. We need this price to reverse here and now as per our earlier set scenario and we feel safe with a long play at the opening tonight although a tight stop is required. There is a 25/35% upswing potential in this chart. However, we need to see the reversal on Monday/Tuesday and need to stop out a a lower low.
CLong
by Remko
Soyabeanmeal CBoT: missed the short entry and now waitingSoybeanmeal: Price did not perform as we were expecting last week and lost its support of the lower line of the ascending price channel after which it broke out to the downside already early in the week. We believe that wave (3) has been competed and that price will now perform its corrective wave down to the 340 region. We missed a possible short play and jumping on this wave here and now would be too risky as our stop level is at 406 which is some 8% above the current level which is not acceptable as possible loss. If and when price would perform a corrective move up during the coming week to the 395/400 level traders could still consider a short play that would risk a 2.5% loss in price with a stop at 406. We favor price to move to the 350/340 level from here during the coming 3-5 weeks from where we will see whether a long play becomes opportune indeed. Nothing to be done for now.
C
by Remko
Soybeanmeal CBoT waiting for a short play opportunity Soybeanmeal: Price develops very similar to the soybean price. Price reached the lower end of a very steep and rather narrow ascending price channel and bounced up during Friday's session. The candle to the day was a Bullish Engulfing candle which is a reliable reversal pattern. We are looking for price to move up during the coming 5-10 sessions to the upper boundary of the price channel from where a short play can be considered.
C
by Remko
Soybeanmeal CBoTSoybeanmeal: Price has bee trading extensively beyond our price target and could well be at the end of its current wave. We see mixed and contradictory signs in the development of this chart and want to see a clearer picture develop before taking any action. The upward potential from here obviously is very limited so that is not an option to consider at all but at the same time the timing for a short play could be not for now. Price has been moving within the ascending wedge from where, as per the rules of TA, it should break our to the downside. At the same time we see a ending diagonal developing during the past 6 to 8 session which, as per same TA rules, is a continuation pattern. There is a complete wave count possible as per the EW rules and principles but that does not mean that the EW pattern is complete indeed. We want to see what happens next on this chart and will go into a 'wait-and-see' mode until we see a clear picture.
C
by Remko
Soybeanmeal CBoT in neutral modeSoybeanmeal: Price made a another move up to a new high which could be an indication that even higher highs want to be put on this chart. Our target has been reached already at some 8-10% lower level than what is being traded today but rather than regretting having 'missed' the last dime we count our blessings that we had a good ride on this wave. The current development of this chart is really not giving us any solid handhold to decide entertaining a short play from here. We first want to see that a tradable top is in this chart and only after that we will seek for a comfortable entry point. Nothing to be done for us here and now.
C
by Remko
Soybeanmeal CBoTSoybeanmeal: Price made again a new high during the week which, as per the rules of engagement, could well be a sign that it wants to go even hight. The pattern that price drew during the past 3 trading days could be a reversal pattern. The RSI is in oversold area but is not diverting with price and the MACD is not in divergence either. There are too many contradictory signs in this chart for time being. We believe that there is a fair chance that price will start making a solid move down during next week but to 'believe' is not a reason to take a position. We stay away from this market right now and wait until we see a clearer picture.
C
by Remko
Soybeanmeal CBoTSoybeanmeal: Price has reached our target during the past week and showed a very strong performance during Friday's session. Price made a 50% advance in just 6 weeks (!) and we believe it is time for price to make sizeable move to the downside from here. However, as long as we do not see a reversal pattern being drawn on the chart we will have to wait for an even more overbought status. The sign goes on 'neutral' from here and now and we are going to wait for a short trade set-up.
C
by Remko
Soybeanmeal Long PlayPrice did not make the corrective move down to 315/305 last week as was preferred by us but rather traded a sideways pattern between, roughly, 336 and 350. This price moves very much like the soybean price which is not so uncommon. We are adjusting our short term bias a bit and we are now looking for a move further up from here although we do not want to exclude a test of last week's low one more time before price will start trading up next week. We are putting our price target at around the 370/375 latest by the end of May with is some 8-10 percent up from the current level.
CLong
by Remko
Soybeanmeal in corrective move downSoybeanmeal: Price has made an impressive rally up during most of April and its indicators like RSI and MACD have reached oversold area (not displayed on the chart). There is a solid supportive level at around the 300 mark which is about 10% down from the currently traded price. We favour the theory that price has completed its B of (4) and that price is now at the start of C which should take price, preferably, below 308 after which there is room for the next hike up. However, price could be developing an 'expanded flat' here in which case price would probably not trade below 315 before it reverses back up again. In any case we favour a corrective move down from here to the 315/305 level during first half of next week from where we favour a reverse for completion of a (5) and with a target of at least 350 during late May or early June. On step at the time however and let's first see how next week goes.
C
by Remko
Soybean Meal /ZM possiblity of entering textbook resistanceThis could be possibly the easiest short out there on the futures markets. This resistance area at 340 was tested as support numerous times and held until September. It has yet to be tested as resistance. Usually the first touch of support-turned-resistance holds very strongly as multiple traders will be looking at the same area to enter short. Target is a significant move lower from this area, that could change of course depending on the price action following an entry of the trade. Stop is simply above the resistance area. The risk/reward for this trade is phenomenal due to how clean the resistance is.
CShort
by Talon