Soybean Meal Bearish Butterfly

A potential bearish Butterfly for Meal crossing over pivot. Upside target R1 at 341.6 where RSI should top out.

Note

SM almost reached 336. An end is near for SM with the long wick.

Note

SM turn on R1 as projected. Downside target pivot for now. May not reach S1. 20 day moving average might be full retrace at 325

Note

Meal looking at a brief retrace before continuing up. We may only get a retrace to pivot at 328

Note

Meal still looking at pivot.

Note

Noting new to report. No clear direction. Could be a fall, or another upside move. Pivot right now is target.

Trade closed manually

New pivots have formed. Going to new chart outlook.

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