fb#C-SOYB Price Forecast | #C-SOYB forecast bullish on cold US weather | IFCM

Technical Analysis #C-SOYB : 2021-04-22

Recommendation for Soybean:

Buy
Strong SellSellNeutralBuyStrong Buy

Above 1499.5

Buy Stop

Below 1373.4

Stop Loss

Expert Avatar
Senior Analytical Expert
Articles 1749
IndicatorValueSignal
RSI Neutral
MACD Buy
Donchian Channel Buy
MA(200) Buy
Fractals Buy
Parabolic SAR Buy

Chart Analysis

IFC Markets Tech Analysis

The #C-SOYB technical analysis of the price chart on daily timeframe shows the #C-SOYB: D1 is rallying above the 200-day moving average MA(200), which is rising itself. We believe the bullish momentum will continue after the price breaches above the upper boundary of Donchian channel at 1499.5. This level can be used as an entry point for placing a pending order to buy. The stop loss can be placed below the last fractal low at 1373.4. After placing the order, the stop loss is to be moved every day to the next fractal low, following Parabolic indicator signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level (1373.4) without reaching the order (1499.5), we recommend cancelling the order: the market has undergone internal changes which were not taken into account.

Fundamental Analysis

Cold weather in US grain belts supports soybean prices. Will the soybean prices continue rising?

While soybean planting is moving at a brisk pace ahead of previous year schedule, continuing cold weather forecast for US soybean planting areas is supportive of higher soybean prices against the background of tight short-term supplies in oilseed. Three percent of the nation’s soybean acreage was planted by April 18, one percentage point ahead of both last year and the 5-year average, according to Weekly Weather and Crop Bulletin of US Department of Agriculture of April 20. Cold US weather is bullish for soybean prices.

Trading signals with a probability of 80% by Autochartist

  • Easy to use
  • Fully automatic
  • Wide range of analytics

The best trading conditions and high-level services for our clients

We are ready to assist you on any issue 24 hours a day.

Note:
This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.