Soybeans

Technical Analysis – Soybeans futures are on course for possible downward movement

Posted on February 27, 2019 at 2:14 pm GMT

Soybeans futures pulled back on the medium-term ascending trend line and the 23.6% Fibonacci retracement level of the upleg from 8.1156 to 9.3045 near 9.0219, confirming the medium-term upside rally in the daily timeframe. Currently, the price is trading below the bearish cross within the 20- and 40-simple moving averages (SMAs), pointing to a possible fall below the trend line. The MACD and the RSI are flattening near their neutral levels, suggesting that the recent view is weakening. A decline below the 23.6% Fibonacci of [..]

Technical Analysis – Soybeans futures remain in bullish mode; eyes 7-month high next

Posted on February 22, 2019 at 10:04 am GMT

Soybeans futures rebounded on the medium-term ascending trend line and the 23.6% Fibonacci retracement level of the upleg from 8.1156 to 9.3045 near 9.0219 in the preceding days, confirming the recent upside rally in the daily timeframe. Currently, the price is trading between the 20- and 40-simple moving averages, while a jump above these lines would endorse the bullish outlook. However, the MACD and the RSI are flattening near their neutral levels, suggesting that the recent view is weakening. In case the [..]

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