SOYBEAN OIL - 1H - Technical analysis published on 01/03/2022 (GMT)
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- Timeframe : 1H
- - Analysis generated on
- Status : INVALID
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Summary of the analysis
Trends
Short term:
Strongly bullish
Underlying:
Strongly bullish
Technical indicators
89%
0%
11%
My opinion
Bullish above 56.91 USD
My targets
57.80 USD (+0.40%)
59.77 USD (+3.82%)
My analysis
All elements being clearly bullish, it would be possible for traders to trade only long positions (at the time of purchase) on SOYBEAN OIL as long as the price remains well above 56.91 USD. The buyers' bullish objective is set at 57.80 USD. A bullish break in this resistance would boost the bullish momentum. The buyers could then target the resistance located at 59.77 USD. If there is any crossing, the next objective would be the resistance located at 64.76 USD. However, beware of bullish excesses that could lead to a possible short-term correction; but this possible correction would not be tradeable.
In the very short term, the general bullish sentiment is confirmed by technical indicators. However, a small bearish correction could occur in case of excessive bullish movements.
Force
0
10
8.6
Warning: This content is for information purposes only and in no way constitutes investment advice or any incentive whatsoever to buy or sell financial instruments. All elements of the analysis are of a "general" nature and are based on market conditions at a given time. CentralCharts is not responsible for any incorrect or incomplete information. Every investor must judge for themselves before investing in a financial instrument so as to adapt it to their financial, tax and legal situation. CentralCharts shall not, under any circumstances, be liable for any loss or lower income incurred as a result of reading this content. Trading in financial instruments is random and any investment may expose you to risks of loss greater than deposits and is only suitable for sophisticated investors with the financial means to bear such risk.
This analysis was given by Vincent Launay. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
SOYBEAN OIL rating 57.57 USD. The price has increased by +1.84% since the last closing and was between 56.59 USD and 57.59 USD. This implies that the price is at +1.73% from its lowest and at -0.03% from its highest.56.59
57.59
57.57
The Central Gaps scanner detects a bullish opening. A small advantage for buyers in the very short term.
Bullish opening
Type : Bullish
Timeframe : Openning
So that you have an overall view of the price change, here is a table showing the variations over several periods:
Near a new HIGH record (1 month)
Type : Bullish
Timeframe : Weekly
Technical
A technical analysis in 1H of this SOYBEAN OIL chart shows a strongly bullish trend. 89.29% of the signals given by moving averages are bullish. This strongly bullish trend is supported by the strong bullish signals given by short-term moving averages. There is no crossing of moving average by the price or crossing of moving averages between themselves.
In fact, according to the parameters integrated into the Central Analyzer system, 16 technical indicators out of 18 analysed are currently bullish. But beware of excesses. The Central Indicators scanner currently detects this:
RSI indicator is overbought : over 70
Type : Neutral
Timeframe : 1 hour
CCI indicator is overbought : over 100
Type : Neutral
Timeframe : 1 hour
MACD indicator: bearish divergence
Type : Bearish
Timeframe : 1 hour
Williams %R indicator is overbought : over -20
Type : Neutral
Timeframe : 1 hour
Pivot points : price is over resistance 2
Type : Neutral
Timeframe : 1 hour
Central Patterns, the scanner specializing in chart patterns, did not identify any signals.
The Central Candlesticks scanner, specialised in Japanese candlesticks, did not identify any signals.
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 55.57 | 56.28 | 56.91 | 57.57 | 57.80 | 59.77 | 64.76 |
| Change (%) | -3.47% | -2.24% | -1.15% | - | +0.40% | +3.82% | +12.49% |
| Change | -2.00 | -1.29 | -0.66 | - | +0.23 | +2.20 | +7.19 |
| Level | Minor | Intermediate | Intermediate | - | Minor | Intermediate | Intermediate |
Attention could also be paid to pivot points to set price objectives:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 54.99 | 55.44 | 55.99 | 56.44 | 56.99 | 57.44 | 57.99 |
| Camarilla | 56.26 | 56.35 | 56.44 | 56.53 | 56.62 | 56.71 | 56.81 |
| Woodie | 55.03 | 55.47 | 56.03 | 56.47 | 57.03 | 57.47 | 58.03 |
| Fibonacci | 55.44 | 55.83 | 56.06 | 56.44 | 56.83 | 57.06 | 57.44 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 53.24 | 54.40 | 55.47 | 56.63 | 57.70 | 58.86 | 59.93 |
| Camarilla | 55.92 | 56.12 | 56.33 | 56.53 | 56.73 | 56.94 | 57.14 |
| Woodie | 53.19 | 54.38 | 55.42 | 56.61 | 57.65 | 58.84 | 59.88 |
| Fibonacci | 54.40 | 55.26 | 55.78 | 56.63 | 57.49 | 58.01 | 58.86 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 44.21 | 47.60 | 52.07 | 55.46 | 59.93 | 63.32 | 67.79 |
| Camarilla | 54.37 | 55.09 | 55.81 | 56.53 | 57.25 | 57.97 | 58.69 |
| Woodie | 44.74 | 47.87 | 52.60 | 55.73 | 60.46 | 63.59 | 68.32 |
| Fibonacci | 47.60 | 50.61 | 52.46 | 55.46 | 58.47 | 60.32 | 63.32 |
Numerical data
The following are the details of the technical indicators and moving averages that were collected to generate this technical analysis:
Technical indicators
Moving averages
| RSI (14): | 74.12 | |
| MACD (12,26,9): | 0.2600 | |
| Directional Movement: | 24.34 | |
| AROON (14): | 71.43 | |
| DEMA (21): | 57.31 | |
| Parabolic SAR (0,02-0,02-0,2): | 56.75 | |
| Elder Ray (13): | 0.39 | |
| Super Trend (3,10): | 56.88 | |
| Zig ZAG (10): | 57.55 | |
| VORTEX (21): | 1.1800 | |
| Stochastique (14,3,5): | 95.55 | |
| TEMA (21): | 57.53 | |
| Williams %R (14): | -4.10 | |
| Chande Momentum Oscillator (20): | 0.85 | |
| Repulse (5,40,3): | 0.3900 | |
| ROCnROLL: | 1 | |
| TRIX (15,9): | 0.0500 | |
| Courbe Coppock: | 2.95 |
| MA7: | 56.57 | |
| MA20: | 55.23 | |
| MA50: | 57.75 | |
| MA100: | 58.50 | |
| MAexp7: | 57.36 | |
| MAexp20: | 57.01 | |
| MAexp50: | 56.74 | |
| MAexp100: | 56.40 | |
| Price / MA7: | +1.77% | |
| Price / MA20: | +4.24% | |
| Price / MA50: | -0.31% | |
| Price / MA100: | -1.59% | |
| Price / MAexp7: | +0.37% | |
| Price / MAexp20: | +0.98% | |
| Price / MAexp50: | +1.46% | |
| Price / MAexp100: | +2.07% |
Quotes :
-
10 min delayed data
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CBOT Futures
This member declared not having a position on this financial instrument or a related financial instrument.
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