Friday, February 10, 2017 12:47 PM EDT
Written by Darren Chu, Founder, Tradable Patterns
Soybean (ZS) edged lower yesterday on profittaking, but appears readying to play catchup with Wheat (ZW) which rallied over 2.5% yesterday. ZS still appears to be gravitating towards the November and January highs, and is nearing the end of a symmetrical triangle (on the weekly chart). The weekly and daily RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains. I am flat after profitably closing a long yesterday, and will look to re-enter long intraday in the green zone (of the daily chart) today with an upside target of the red zone by mid next week.
Soybean (CME ZS Mar17) Weekly/Daily/4hr/Hourly
(Click on image to enlarge)
Click here for today's technical analysis on Corn, Wheat.
Disclosure: Tradable Patterns was launched to demonstrate that the patterns recurring in liquid ...
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Disclosure: Tradable Patterns was launched to demonstrate that the patterns recurring in liquid futures and spot FX markets can be traded consistently profitably. Tradable Patterns’ daily newsletter provides technical analysis on a subset of three CME/ICE/Eurex futures (commodities, equity indices, and interest rates), spot FX and US equity markets, which it considers worth monitoring for the day/week for trend reversal or continuation. For less experienced traders, tutorials and workshops are offered online and throughout Southeast Asia.
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