TradingView
0
All posts from TradingView
TradingView in TradingView,

Soybeans - Selling pressure eased this week, swing buy now

Soybeans - Selling pressure eased this week, swing buy now

Soybean Oil CBOT:ZL1!

Weekly: - Ichimoku setup is still bearish, but weekly Kijun Sen dropped and got close to price candle. - Heiken Ashi candle this week has a smaller body with both upper and lower wicks, its body is within prev candle body. haDelta crosses back above SMA3, but both lines are still below zero level. This is a sign that the selling pressure could not accelerate further this weak and by next week we may see either more consolidation or a correction (move up) back above Kijun Sen. Daily: - Ichimoku setup is bearish, but turning back to neutral a bit again. On the daily chart we also see how selling pressure eased this week. The Kumo's Senkou lines are flat, not pointing down, so more downside seems less likely. Kijun is also flat and Tenkan turning up, so does Chikou Span, which losing its open space. Consolidation and further pullback is expected. - Four Heiken Ashi candles are green in a row, both haDelta and SMA3 are above zero line, the oscillator is up again - Further price increase up to Kijun and SenkouB (both ard 1007) is very likely, a real bullish reversal however can place only above the Kumo. May this happen at some point, we still need to wait 1-2 more weeks for that. Recommendation: Buy and hold small long. Increase and leverage up if you see a break above Kijun (future Senkou B or if you are more conservative when you see a break above actual current Kumo cloud.