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Soybean Trade Technical Analysis - Soybean Trade Trading: 2021-04-22
Soybean Technical Analysis Summary
Above 1499.5
Buy Stop
Below 1373.4
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Buy |
| Donchian Channel | Buy |
| MA(200) | Buy |
| Fractals | Buy |
| Parabolic SAR | Buy |
Soybean Chart Analysis
Soybean Technical 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 of Commodities - Soybean
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.
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