Soybeans Head and Shoulders Setting Up?
The chart for Soybeans looking very attractive right now. On the daily chart, we have an engulfing candle at a major flip/resistance zone. This has garnered the attention of any technical traders.
Moving down on the 4 hour, we get a clearer picture. We have been in a nice uptrend with multiple swings, higher lows and higher highs. This trend began to exhaust at the resistance/flip zone and we have had multiple red candles.
Looking for our first lower high confirmation here, and this would come in the form of creating a head and shoulders pattern.
So overall many good confluences for this trade, just awaiting the break of the neckline/support.
Would be looking to take profits at the 9.00 zone on this instrument. Around 935 on futures.
Moving down on the 4 hour, we get a clearer picture. We have been in a nice uptrend with multiple swings, higher lows and higher highs. This trend began to exhaust at the resistance/flip zone and we have had multiple red candles.
Looking for our first lower high confirmation here, and this would come in the form of creating a head and shoulders pattern.
So overall many good confluences for this trade, just awaiting the break of the neckline/support.
Would be looking to take profits at the 9.00 zone on this instrument. Around 935 on futures.