May Soybean last shoulder in place. Shooting star doji today rejecting higher prices may be indicating a fall is imminent. RSI trending down. Downside target S1 at 1001'1. Beans are under the 20 day MA and using it as resistance. Minimum shoulder height takes us to 1010.
Note
Lower low for beans. Target is still S1.Note
Another low for Beans. Creeping down.Note
Thursday USDA reports for acres on beans was lower than a analyst predictions so we got a significant buy to 20 day cross. What surprises me is it is only 1-2 million acres. When you consider that the acres may be 88.9 million compared to the analysts prediction of 89.2 million, you got to wonder, what's up with these people? The slightest difference sets off a chain reaction of crazy selling of buying. How far this will go up is anyone's guess. Right now it has a enough running room to at least R2 double top. We will get new pivots tonight for April.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.