Soybeans Reject New Lows
Soybeans
Technicals (November)
Soybeans are attempting to bottom out, defending the lows from two weeks ago. The market is trading back in our pivot pocket, but what the Bulls really want to see a close above resistance from 984 3/4-991 to spur a bigger move. As mentioned yesterday, trendline resistance and the 20-day moving average are continuing their rapid decline, lowering the hurdle that the Bulls need to get out above for a chance at neutralizing the technical damage that has been done on the chart.
Short Term Bias and Technical Levels of Importance
Bias: Neutral
Resistance: 984 3/4-991****, 1000-1006 1/2***
Pivot: 975 1/2-980
Support: 950-955 1/4**
Notes
Crop Progress: Good/excellent conditions for the U.S. soybean crop declined 1% from the previous week to 67%, that is in line with expectations.
Weekly Export Inspections: 411,165 Metric Tons (15,107,723 bushels), in line with expectations. Up from last week's 405,628 MT.
Check out CME Group real-time data plans available on TradingView here: tradingview.com/cme/
Disclaimers:
CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs tradingview.com/cme/
*Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services.
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
Technicals (November)
Soybeans are attempting to bottom out, defending the lows from two weeks ago. The market is trading back in our pivot pocket, but what the Bulls really want to see a close above resistance from 984 3/4-991 to spur a bigger move. As mentioned yesterday, trendline resistance and the 20-day moving average are continuing their rapid decline, lowering the hurdle that the Bulls need to get out above for a chance at neutralizing the technical damage that has been done on the chart.
Short Term Bias and Technical Levels of Importance
Bias: Neutral
Resistance: 984 3/4-991****, 1000-1006 1/2***
Pivot: 975 1/2-980
Support: 950-955 1/4**
Notes
Crop Progress: Good/excellent conditions for the U.S. soybean crop declined 1% from the previous week to 67%, that is in line with expectations.
Weekly Export Inspections: 411,165 Metric Tons (15,107,723 bushels), in line with expectations. Up from last week's 405,628 MT.
Check out CME Group real-time data plans available on TradingView here: tradingview.com/cme/
Disclaimers:
CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs tradingview.com/cme/
*Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services.
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
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