Grains are getting weaker but bean complex seems not giving up yet. Soybean meal contract (ZMN) is probably forming a top. Price bounced back for five consecutive days from 477.0 creating a nice floor. A trade below 477.0 will brake the support projecting price towards the next level and bear 1/2 Gann line. Not a seasonal trade but price are almost at historical highs. A trade higher above 494.0 would negate this study.
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Disclaimer
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.