SOYBEAN - Daily - Technical analysis published on 05/15/2024 (GMT)
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- Timeframe : Daily
- - Analysis generated on
- Status : INVALID
Summary of the analysis
Trends
Short term:
Strongly bullish
Underlying:
Slightly bullish
Technical indicators
67%
0%
33%
My opinion
Bullish above 1,199.92 USD
My targets
1,277.50 USD (+4.80%)
1,325.25 USD (+8.72%)
My analysis
The strong short-term increase for SOYBEAN reinforces the current slightly bullish trend. As long as the price remains above 1,199.92 USD, you could take advantage of this bullish acceleration. The first bullish objective is located at 1,277.50 USD. The bullish momentum would be boosted by a break in this resistance. Buyers would then use the next resistance located at 1,325.25 USD as an objective. Crossing it would then enable buyers to target 1,363.35 USD. A return to 1,199.92 USD would be a sign of a possible correction of short-term bullish excesses. In this case, you could stay away while waiting for signals indicating a reversal of the trend.
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
4.3
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This analysis was given by Barts_XV. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
The SOYBEAN price is 1,219.00 USD. On the day, this instrument gained +0.37% with the lowest point at 1,212.50 USD and the highest point at 1,219.50 USD. The deviation from the price is +0.54% for the low point and -0.04% for the high point.1,212.50
1,219.50
1,219.00
A bullish opening was detected by the Central Gaps scanner. Buyers are trying to impose a bullish momentum in the very short term.
Bullish opening
Type : Bullish
Timeframe : Openning
A study of price movements over other periods shows the following variations:
Near a new HIGH record (1 month)
Type : Bullish
Timeframe : Weekly
Technical
Technical analysis of this Daily chart of SOYBEAN indicates that the overall trend is slightly bullish. 53.57% of the signals given by moving averages are bullish. This slightly bullish trend could be reinforced by the strong bullish signals given by short-term moving averages. The Central Indicators scanner detects bullish signals on moving averages that could impact this trend:
Moving Average bullish crossovers : MA20 & MA50
Type : Bullish
Timeframe : Daily
Bullish price crossover with Moving Average 100
Type : Bullish
Timeframe : Daily
The probability of a further increase are moderate given the direction of the technical indicators.
No additional result has been identified by Central Indicators, the scanner specialised in technical indicators.
The analysis of the price chart with Central Patterns scanners does not return any result.
For a small rebound in the very short term, the Central Candlesticks scanner currently notes the presence of this bullish pattern in Japanese candlesticks:
Bullish harami
Type : Bullish
Timeframe : Daily
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 971.35 | 1,160.67 | 1,199.92 | 1,219.00 | 1,226.80 | 1,325.25 | 1,363.35 |
| Change (%) | -20.32% | -4.79% | -1.57% | - | +0.64% | +8.72% | +11.84% |
| Change | -247.65 | -58.33 | -19.08 | - | +7.80 | +106.25 | +144.35 |
| Level | Minor | Major | Intermediate | - | Major | Intermediate | Minor |
Attention could also be paid to pivot points to set price objectives:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 1,185.50 | 1,194.50 | 1,204.50 | 1,213.50 | 1,223.50 | 1,232.50 | 1,242.50 |
| Camarilla | 1,209.28 | 1,211.02 | 1,212.76 | 1,214.50 | 1,216.24 | 1,217.98 | 1,219.73 |
| Woodie | 1,186.00 | 1,194.75 | 1,205.00 | 1,213.75 | 1,224.00 | 1,232.75 | 1,243.00 |
| Fibonacci | 1,194.50 | 1,201.76 | 1,206.24 | 1,213.50 | 1,220.76 | 1,225.24 | 1,232.50 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 1,144.83 | 1,174.67 | 1,196.83 | 1,226.67 | 1,248.83 | 1,278.67 | 1,300.83 |
| Camarilla | 1,204.70 | 1,209.47 | 1,214.23 | 1,219.00 | 1,223.77 | 1,228.53 | 1,233.30 |
| Woodie | 1,141.00 | 1,172.75 | 1,193.00 | 1,224.75 | 1,245.00 | 1,276.75 | 1,297.00 |
| Fibonacci | 1,174.67 | 1,194.53 | 1,206.80 | 1,226.67 | 1,246.53 | 1,258.80 | 1,278.67 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 1,069.75 | 1,107.75 | 1,139.00 | 1,177.00 | 1,208.25 | 1,246.25 | 1,277.50 |
| Camarilla | 1,151.21 | 1,157.55 | 1,163.90 | 1,170.25 | 1,176.60 | 1,182.95 | 1,189.29 |
| Woodie | 1,066.38 | 1,106.06 | 1,135.63 | 1,175.31 | 1,204.88 | 1,244.56 | 1,274.13 |
| Fibonacci | 1,107.75 | 1,134.20 | 1,150.55 | 1,177.00 | 1,203.45 | 1,219.80 | 1,246.25 |
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): | 55.71 | |
| MACD (12,26,9): | 9.2300 | |
| Directional Movement: | 4.03 | |
| AROON (14): | 28.57 | |
| DEMA (21): | 1,215.80 | |
| Parabolic SAR (0,02-0,02-0,2): | 1,200.54 | |
| Elder Ray (13): | 4.51 | |
| Super Trend (3,10): | 1,186.45 | |
| Zig ZAG (10): | 1,218.50 | |
| VORTEX (21): | 1.1300 | |
| Stochastique (14,3,5): | 61.26 | |
| TEMA (21): | 1,225.61 | |
| Williams %R (14): | -37.41 | |
| Chande Momentum Oscillator (20): | 37.25 | |
| Repulse (5,40,3): | 0.5000 | |
| ROCnROLL: | 1 | |
| TRIX (15,9): | 0.0800 | |
| Courbe Coppock: | 8.03 |
| MA7: | 1,222.14 | |
| MA20: | 1,197.15 | |
| MA50: | 1,197.14 | |
| MA100: | 1,213.62 | |
| MAexp7: | 1,217.14 | |
| MAexp20: | 1,205.38 | |
| MAexp50: | 1,202.66 | |
| MAexp100: | 1,224.44 | |
| Price / MA7: | -0.26% | |
| Price / MA20: | +1.83% | |
| Price / MA50: | +1.83% | |
| Price / MA100: | +0.44% | |
| Price / MAexp7: | +0.15% | |
| Price / MAexp20: | +1.13% | |
| Price / MAexp50: | +1.36% | |
| Price / MAexp100: | -0.44% |
Quotes :
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10 min delayed data
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CBOT Futures
News
The last news published on SOYBEAN at the time of the generation of this analysis was as follows:
-
Ahead Of Trump-Xi Meeting, USDA Announces Huge Soybean Sale To China
-
Soybean farmer: We would like to have markets, not aid
-
Impact of tariffs on America's soybean farmers
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Will Trump's Truce With China Help Soybean Sales?
-
U.S. Trade Gap Hits 10-Year High In October As Soybean Exports Continue To Fall
This member declared not having a position on this financial instrument or a related financial instrument.
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