Soybean Oil Futures 28/9 - 2/10My view on the upcoming week trading idea.
1. On Daily chart, we can see that price have already move from the highest price to lowest at around 300 ticks of movement where we can label and classify the movement as the first wave of movement. The move is very strong as I see that had end the long bullish movement before this, this, supported with the break of the bullish uptrend trendline.
2. Price is making a pullback to a resistance and fibonacci level where price may continue to dive down to a new level of low. Price action on those key level is essential before we make any trading decision. I see that we can collect few ticks for a buy before placing a position of short to enjoy the third wave of price movement.
