Soybean Price Bias Is Still Bullish | IFCM

Soybean Price Bias Is Still Bullish

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The #C-SOYB price forecast in our June 5, 2020 technical analysis was bullish.

  • Market developments after #C-SOYB,Daily June 5, 2020 technical analysis still indicate bullish bias.
  1. 2020/21 soybean export sales nearly tripled from 7.5 million bushels prior week to 22.3 million bushels last week.
  2. Weekly US soybean export shipments increased 5.6 million bushels to 17.7 million bushels .

Here is what indicators show as of June 8, 2020:

  • The Parabolic Indicator gives a bullish signal.
  • The Donchian channel indicates uptrend: it is narrowing up.
  • The MACD indicator gives a bullish signal.
  • The RSI oscillator gives a neutral signal.
  • The Fractals give bullish signal.
  • The MA(100) Indicator gives a bullish signal.

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

OrderBUY
Buy stopAbove 877.5
Stop lossBelow 836.2

USDA weekly export report

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