SOYBEAN OIL - 1H - Technical analysis published on 07/24/2023 (GMT)
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- Timeframe : 1H
- - Analysis generated on
- Status : TARGET REACHED
Analysis too old. There are no more charts available.
Summary of the analysis
Trends
Short term:
Strongly bullish
Underlying:
Strongly bullish
Technical indicators
78%
6%
17%
My opinion
Bullish above 61.96 USD
My targets
63.36 USD (+0.33%)
64.91 USD (+2.79%)
My analysis
SOYBEAN OIL is part of a very strong bullish trend. Traders may consider trading only long positions (at the time of purchase) as long as the price remains well above 61.96 USD. The next resistance located at 63.36 USD is the next bullish objective to be reached. A bullish break in this resistance would boost the bullish momentum. The bullish movement could then continue towards the next resistance located at 64.91 USD. After this resistance, buyers could then target 67.76 USD. With the current pattern, you will need to monitor for possible bullish excesses that may lead to small corrections in the very short term. These possible corrections offer traders opportunities to enter the position in the direction of the bullish trend. Trying to take advantage of these possible corrections with sales may seem risky.
Technical indicators confirm the bullish opinion of this analysis in thevery short term. However, be careful of excessive bullish movements. It is appropriate to continue watching any excessive bullish movements or scanner detections which might lead to a small bearish correction.
Force
0
10
8.4
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This analysis was given by vishr. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
The SOYBEAN OIL rating is 63.15 USD. The price has increased by +0.56% since the last closing and was traded between 62.62 USD and 63.18 USD over the period. The price is currently at +0.85% from its lowest and -0.05% from its highest.62.62
63.18
63.15
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 (1st january)
Type : Bullish
Timeframe : Weekly
Near a new HIGH record (1 month)
Type : Bullish
Timeframe : Weekly
Technical
Technical analysis of SOYBEAN OIL in 1H shows a strongly overall bullish trend. 92.86% of the signals given by moving averages are bullish. The overall trend is supported by the strong bullish signals from short-term moving averages. There is no crossing of moving average by the price or crossing of moving averages between themselves.
In fact, 14 technical indicators on 18 studied are currently positioned bullish. Caution: the Central Indicators scanner currently detects an excess:
CCI indicator is overbought : over 100
Type : Neutral
Timeframe : 1 hour
Williams %R indicator is overbought : over -20
Type : Neutral
Timeframe : 1 hour
No signals are given by Central Patterns, a market scanner specialised in chart patterns, resistances and supports.
Central Candlesticks, the scanner specialised in Japanese candlesticks, detects a bearish signal that could support the hypothesis of a small drop in the very short term:
Bearish doji star
Type : Bearish
Timeframe : 1 hour
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 59.36 | 61.32 | 61.96 | 63.15 | 63.36 | 64.91 | 67.76 |
| Change (%) | -6.00% | -2.90% | -1.88% | - | +0.33% | +2.79% | +7.30% |
| Change | -3.79 | -1.83 | -1.19 | - | +0.21 | +1.76 | +4.61 |
| Level | Intermediate | Major | Intermediate | - | Intermediate | Minor | Major |
Pivot points can also be used to set your price objectives. Here is the price situation in relation to pivot points:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 62.22 | 62.42 | 62.77 | 62.97 | 63.32 | 63.52 | 63.87 |
| Camarilla | 62.97 | 63.02 | 63.07 | 63.12 | 63.17 | 63.22 | 63.27 |
| Woodie | 62.30 | 62.46 | 62.85 | 63.01 | 63.40 | 63.56 | 63.95 |
| Fibonacci | 62.42 | 62.63 | 62.76 | 62.97 | 63.18 | 63.31 | 63.52 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 56.31 | 57.83 | 60.32 | 61.84 | 64.33 | 65.85 | 68.34 |
| Camarilla | 61.70 | 62.07 | 62.43 | 62.80 | 63.17 | 63.54 | 63.90 |
| Woodie | 56.79 | 58.07 | 60.80 | 62.08 | 64.81 | 66.09 | 68.82 |
| Fibonacci | 57.83 | 59.37 | 60.31 | 61.84 | 63.38 | 64.32 | 65.85 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 37.12 | 41.49 | 50.23 | 54.60 | 63.34 | 67.71 | 76.45 |
| Camarilla | 55.37 | 56.57 | 57.77 | 58.97 | 60.17 | 61.37 | 62.58 |
| Woodie | 39.31 | 42.58 | 52.42 | 55.69 | 65.53 | 68.80 | 78.64 |
| Fibonacci | 41.49 | 46.50 | 49.59 | 54.60 | 59.61 | 62.70 | 67.71 |
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): | 59.40 | |
| MACD (12,26,9): | 0.2400 | |
| Directional Movement: | 6.54 | |
| AROON (14): | 28.57 | |
| DEMA (21): | 63.13 | |
| Parabolic SAR (0,02-0,02-0,2): | 62.21 | |
| Elder Ray (13): | 0.25 | |
| Super Trend (3,10): | 62.03 | |
| Zig ZAG (10): | 63.17 | |
| VORTEX (21): | 1.0400 | |
| Stochastique (14,3,5): | 92.44 | |
| TEMA (21): | 63.09 | |
| Williams %R (14): | -4.67 | |
| Chande Momentum Oscillator (20): | 1.31 | |
| Repulse (5,40,3): | 0.2600 | |
| ROCnROLL: | 1 | |
| TRIX (15,9): | 0.0500 | |
| Courbe Coppock: | 1.31 |
| MA7: | 61.87 | |
| MA20: | 59.90 | |
| MA50: | 53.76 | |
| MA100: | 53.29 | |
| MAexp7: | 63.02 | |
| MAexp20: | 62.79 | |
| MAexp50: | 62.28 | |
| MAexp100: | 61.73 | |
| Price / MA7: | +2.07% | |
| Price / MA20: | +5.43% | |
| Price / MA50: | +17.47% | |
| Price / MA100: | +18.50% | |
| Price / MAexp7: | +0.21% | |
| Price / MAexp20: | +0.57% | |
| Price / MAexp50: | +1.40% | |
| Price / MAexp100: | +2.30% |
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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