SOYBEAN OIL - 1H - Technical analysis published on 09/30/2021 (GMT)
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- Timeframe : 1H
- - Analysis generated on
- Status : LEVEL MAINTAINED
Analysis too old. There are no more charts available.
Summary of the analysis
Trends
Short term:
Strongly bullish
Underlying:
Strongly bullish
Technical indicators
83%
0%
17%
My opinion
Bullish above 57.03 USD
My targets
59.77 USD (+2.31%)
63.06 USD (+7.95%)
My analysis
The bullish trend is currently very strong on SOYBEAN OIL. As long as the price remains above the support at 57.03 USD, you could try to benefit from the boom. The first bullish objective is located at 59.77 USD. The bullish momentum would be boosted by a break in this resistance. Buyers would then use the next resistance located at 63.06 USD as an objective. Crossing it would then enable buyers to target 65.00 USD. Be careful, given the powerful bullish rally underway, excesses could lead to a possible correction in the short term. If this is the case, remember that trading against the trend may be riskier. It would seem more appropriate to wait for a signal indicating reversal of the trend.
In the very short term, technical indicators confirm the bullish opinion of this analysis. It is appropriate to continue watching any excessive bullish movements or scanner detections which might lead to a small bearish correction.
Force
0
10
8.8
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This analysis was given by Vincent Launay. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
The SOYBEAN OIL rating is 58.42 USD. The price registered an increase of +1.02% on the session and was traded between 57.69 USD and 58.53 USD over the period. The price is currently at +1.27% from its lowest and -0.19% from its highest.57.69
58.53
58.42
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. 92.86% 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. The Central Indicators market scanner currently does not detect any result that concerns moving averages.
Technical indicators are strongly bullish, suggesting that the price increase should continue.
Caution: the Central Indicators scanner currently detects an excess:
CCI indicator is overbought : over 100
Type : Neutral
Timeframe : 1 hour
RSI 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 1
Type : Neutral
Timeframe : 1 hour
Price is back over the pivot point
Type : Bullish
Timeframe : Weekly
The analysis of the price chart with Central Patterns scanners does not return any result.
The Central Candlesticks scanner which studies Japanese candlesticks did not detect anything.
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 55.50 | 57.03 | 58.32 | 58.42 | 59.77 | 65.00 | 70.82 |
| Change (%) | -5.00% | -2.38% | -0.17% | - | +2.31% | +11.26% | +21.23% |
| Change | -2.92 | -1.39 | -0.10 | - | +1.35 | +6.58 | +12.40 |
| Level | Minor | Major | Intermediate | - | Major | Intermediate | Major |
Attention could also be paid to pivot points to set price objectives:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 55.83 | 56.42 | 57.13 | 57.72 | 58.43 | 59.02 | 59.73 |
| Camarilla | 57.47 | 57.59 | 57.71 | 57.83 | 57.95 | 58.07 | 58.19 |
| Woodie | 55.88 | 56.45 | 57.18 | 57.75 | 58.48 | 59.05 | 59.78 |
| Fibonacci | 56.42 | 56.92 | 57.23 | 57.72 | 58.22 | 58.53 | 59.02 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 51.39 | 52.79 | 55.28 | 56.68 | 59.17 | 60.57 | 63.06 |
| Camarilla | 56.71 | 57.07 | 57.42 | 57.78 | 58.14 | 58.49 | 58.85 |
| Woodie | 51.95 | 53.06 | 55.84 | 56.95 | 59.73 | 60.84 | 63.62 |
| Fibonacci | 52.79 | 54.27 | 55.19 | 56.68 | 58.16 | 59.08 | 60.57 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 47.25 | 51.84 | 54.83 | 59.42 | 62.41 | 67.00 | 69.99 |
| Camarilla | 55.75 | 56.44 | 57.14 | 57.83 | 58.53 | 59.22 | 59.92 |
| Woodie | 46.46 | 51.44 | 54.04 | 59.02 | 61.62 | 66.60 | 69.20 |
| Fibonacci | 51.84 | 54.73 | 56.52 | 59.42 | 62.31 | 64.10 | 67.00 |
Numerical data
The following is the status of technical indicators and moving averages registered at the time this technical analysis was created:
Technical indicators
Moving averages
| RSI (14): | 66.15 | |
| MACD (12,26,9): | 0.2000 | |
| Directional Movement: | 11.29 | |
| AROON (14): | 71.43 | |
| DEMA (21): | 58.32 | |
| Parabolic SAR (0,02-0,02-0,2): | 57.97 | |
| Elder Ray (13): | 0.30 | |
| Super Trend (3,10): | 57.73 | |
| Zig ZAG (10): | 58.49 | |
| VORTEX (21): | 1.1600 | |
| Stochastique (14,3,5): | 97.61 | |
| TEMA (21): | 58.44 | |
| Williams %R (14): | -9.52 | |
| Chande Momentum Oscillator (20): | 0.67 | |
| Repulse (5,40,3): | 0.5000 | |
| ROCnROLL: | 1 | |
| TRIX (15,9): | 0.0400 | |
| Courbe Coppock: | 1.63 |
| MA7: | 57.56 | |
| MA20: | 57.12 | |
| MA50: | 59.62 | |
| MA100: | 61.91 | |
| MAexp7: | 58.24 | |
| MAexp20: | 58.08 | |
| MAexp50: | 57.82 | |
| MAexp100: | 57.50 | |
| Price / MA7: | +1.49% | |
| Price / MA20: | +2.28% | |
| Price / MA50: | -2.01% | |
| Price / MA100: | -5.64% | |
| Price / MAexp7: | +0.31% | |
| Price / MAexp20: | +0.59% | |
| Price / MAexp50: | +1.04% | |
| Price / MAexp100: | +1.60% |
Quotes :
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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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