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Soybean Bias Is Still Bullish

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The #C-SOYB price forecast in our March 3, 2020 technical analysis was bullish.

New data after #C-SOYB,D1 March 3, 2020 technical analysis still indicate bullish bias.

  • #C-SOYB,D1 continued rising: soybeans closed up 0.4% at $9.03-1/2 a bushel on March 3 after earlier hitting $9.08, the highest since January 24.
  • Dollar weakened, supporting demand for commodities denominated in dollars, as the Federal Reserve cut interest rates on March 3.

Here is what indicators show as of March 4, 2020:

  • The Parabolic Indicator gives a bullish signal.
  • TheBollinger bands give a neutral signal.
  • The MACD indicator gives a bullish signal.
  • The RSI oscillator has formed a bullish convergence.
  • The Fractalsgive a bullish signal.
  • The MA(200) Indicator gives a neutral signal.

So the bullish forecast still stands for the #C-SOYB, D1.

Buy stop Above 908
Stop lossBelow 875

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