- Analytics
- Technical Analysis
Soybean Trade Technical Analysis - Soybean Trade Trading: 2020-08-17
Soybean Technical Analysis Summary
Above 905
Buy Stop
Below 865
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Neutral |
| MA(200) | Neutral |
| Fractals | Neutral |
| Parabolic SAR | Buy |
| Bollinger Bands | Neutral |
Soybean Chart Analysis
Soybean Technical Analysis
On the daily timeframe, Soyb: D1 returned to an uptrend and exited the downward channel. We do not exclude a bullish move if Soyb rises above its last high and the last two upper fractals: 905. This level can be used as an entry point. We can set a stop loss below the Parabolic signal, the last lower fractal and the lower Bollinger line: 865. After opening a pending order, we move the stop loss following the Bollinger and Parabolic signals to the next fractal low. Thus, we change the potential profit/loss ratio in our favor. After the transaction, the most risk-averse traders can switch to the four-hour chart and set a stop loss, moving it in the direction of the bias. If the price meets the stop loss (865) without activating the order (905), it is recommended to delete the order: the market sustains internal changes not taken into account.
Fundamental Analysis of Commodities - Soybean
The US Department of Agriculture (USDA) announced the sale of a batch of American soybeans to China. Will the Soyb prices rise?
According to the USDA, China purchased 126,000 tons of American soybeans. Previously, supplies were almost not carried out due to trade disputes and mutual sanctions between the US and China. China is going to buy a batch of soybeans of the new crop in the amount of 1.71 million tons. Investors fear that soybean crops could be hit even worse in Iowa and Illinois due to the ongoing Derecho storm. According to the Iowa Soybean Association, 5.64 million acres of soy were damaged to some extent in the state. It has not yet been reported how this might affect the harvest. The USDA/FSA previously reported a 6 million acre cut in the US current soybean plantings to 75.9 million acres due to the coronavirus.
- Get Certificate
Note:
This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.
