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Soybean Meal Technical Analysis - Soybean Meal Trading: 2021-11-03
Soybean Meal Technical Analysis Summary
Above 335
Buy Stop
Below 310
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Buy |
| MA(200) | Neutral |
| Fractals | Buy |
| Parabolic SAR | Buy |
| Bollinger Bands | Neutral |
Soybean Meal Chart Analysis
Soybean Meal Technical Analysis
On the daily timeframe, SOYBM: D1 broke up the downtrend resistance line. A number of technical analysis indicators formed signals for further growth. We do not rule out a bullish movement if SOYBM rises above the last high: 335. This level can be used as an entry point. The initial risk limitation is possible below the minimum since September 2020, the last two lower fractals and the Parabolic signal: 310. After opening a pending order, move the stop following the Bollinger and Parabolic signals to the next fractal minimum. Thus, we change the potential profit/loss ratio in our favor. The most cautious traders, after making a deal, can go to the four-hour chart and set a stop-loss, moving it in the direction of movement. If the price overcomes the stop level (310) without activating the order (335), it is recommended to delete the order: there are internal changes in the market that were not taken into account.
Fundamental Analysis of Commodities - Soybean Meal
According to the United States Department of Agriculture (USDA), processing of US soybeans declined in September. Will the SOYBM quotes continue to rise?
An increase in demand for soybean meal may be facilitated by a decrease in soybean processing volumes in the United States, in September 2021, to 4.92 million tons. This is 2.6% less than in August of this year and 4% less than in September 2020. The volume of processing of soybeans as a food for farm animals (meal produced for animal feed) amounted to 3.59 million tons in September 2021, which is 4.2% less than the same period last year. An important factor in the rise in prices for soybeans may also be the rise in world prices for fertilizers and fuel for agricultural machinery. It should also be noted that according to the USDA, China may increase its soybean imports in 2021 by 2%.
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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.
