Soybean (ZS) Daily MACD Positively Crossing

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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