SOYBEAN MEAL FULL0724 - 1H - Technical analysis published on 07/19/2021 (GMT)
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- Timeframe : 1H
- - Analysis generated on
- Status : TARGET REACHED
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Summary of the analysis
Trends
Short term:
Neutral
Underlying:
Bullish
Technical indicators
33%
17%
50%
My opinion
Bullish above 367.9 USD
My targets
373.3 USD (+1.14%)
376.9 USD (+2.11%)
My analysis
Has the basic bullish trend slowed or is it lacking in power? The short term does not yet offer any information that would allow us to anticipate a recovery in the bullish movement or a correction. Sellers' generally have the upper hand, even if a small correction (not tradeable) on the support located at 367.9 USD remains possible. It is advisable to trade SOYBEAN MEAL FULL1221 with the greatest caution, while favouring long positions (at the time of purchase) as long as the price remains well above 367.9 USD. The next bullish objective for buyers is set at 373.3 USD. A bullish break in this resistance would boost the bullish momentum. The buyers could then target the resistance located at 376.9 USD. If there is any crossing, the next objective would be the resistance located at 385.1 USD. PS: if there is a bearish break in the support located at 367.9 USD we suggest that you produce a new automated technical analysis. In fact, conditions should have changed. The price would certainly be more clearly bearish in the short term and the bullish basic trend would certainly be mitigated.
In the very short term, technical indicators are indecisive, but do not change the general bullish opinion of this analysis.
Force
0
10
3.4
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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 MEAL FULL1221 rating is 369.1 USD. The price has increased by +0.79% since the last closing and was between 367.2 USD and 375.0 USD. This implies that the price is at +0.52% from its lowest and at -1.57% from its highest.367.2
375.0
369.1
The Central Gaps scanner detects the formation of a bullish gap marking the strong presence of buyers against sellers at the opening. This formed a quotation gap.
Opening Gap UP
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 1H chart of SOYBEAN MEAL FULL1221 indicates that the overall trend is bullish. 67.86% of the signals given by moving averages are bullish. Caution: the neutral signals currently given by the short-term moving averages indicate that this bullish trend is showing signs of running out of steam. The Central Indicators market scanner is currently detecting several bearish and bullish signals that could impact this trend:
Bearish trend reversal : Moving Average 50
Type : Bearish
Timeframe : 1 hour
Bullish price crossover with Moving Average 50
Type : Bullish
Timeframe : 1 hour
Bullish price crossover with adaptative moving average 20
Type : Bullish
Timeframe : 1 hour
The technical indicators are generally neutral. They do not provide relevant information on the direction of future price movements.
Central Indicators, the scanner specialised in technical indicators, has identified these signals:
RSI indicator is back over 50
Type : Bullish
Timeframe : 1 hour
Price is back over the pivot point
Type : Bullish
Timeframe : Weekly
Momentum indicator is back over 0
Type : Bullish
Timeframe : 1 hour
No signals are given by Central Patterns, a market scanner specialised in chart patterns, resistances and supports.
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 | 355.4 | 360.8 | 367.9 | 369.1 | 373.3 | 376.9 | 385.1 |
| Change (%) | -3.71% | -2.25% | -0.33% | - | +1.14% | +2.11% | +4.33% |
| Change | -13.7 | -8.3 | -1.2 | - | +4.2 | +7.8 | +16.0 |
| Level | Intermediate | Minor | Minor | - | Intermediate | Intermediate | Minor |
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 | 355.6 | 360.1 | 362.9 | 367.4 | 370.2 | 374.7 | 377.5 |
| Camarilla | 363.7 | 364.4 | 365.0 | 365.7 | 366.4 | 367.0 | 367.7 |
| Woodie | 354.8 | 359.7 | 362.1 | 367.0 | 369.4 | 374.3 | 376.7 |
| Fibonacci | 360.1 | 362.9 | 364.6 | 367.4 | 370.2 | 371.9 | 374.7 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 338.1 | 346.6 | 356.2 | 364.7 | 374.3 | 382.8 | 392.4 |
| Camarilla | 360.7 | 362.4 | 364.0 | 365.7 | 367.4 | 369.0 | 370.7 |
| Woodie | 338.6 | 346.9 | 356.7 | 365.0 | 374.8 | 383.1 | 392.9 |
| Fibonacci | 346.6 | 353.6 | 357.8 | 364.7 | 371.7 | 375.9 | 382.8 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 299.6 | 323.3 | 356.0 | 379.7 | 412.4 | 436.1 | 468.8 |
| Camarilla | 373.2 | 378.4 | 383.5 | 388.7 | 393.9 | 399.0 | 404.2 |
| Woodie | 304.1 | 325.6 | 360.5 | 382.0 | 416.9 | 438.4 | 473.3 |
| Fibonacci | 323.3 | 344.8 | 358.2 | 379.7 | 401.2 | 414.6 | 436.1 |
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): | 50.50 | |
| MACD (12,26,9): | 0.5000 | |
| Directional Movement: | -0.1 | |
| AROON (14): | 7.2 | |
| DEMA (21): | 369.8 | |
| Parabolic SAR (0,02-0,02-0,2): | 367.2 | |
| Elder Ray (13): | -0.8 | |
| Super Trend (3,10): | 365.0 | |
| Zig ZAG (10): | 368.7 | |
| VORTEX (21): | 0.9000 | |
| Stochastique (14,3,5): | 30.80 | |
| TEMA (21): | 369.5 | |
| Williams %R (14): | -65.60 | |
| Chande Momentum Oscillator (20): | 1.1 | |
| Repulse (5,40,3): | 0.1000 | |
| ROCnROLL: | -1 | |
| TRIX (15,9): | 0.0000 | |
| Courbe Coppock: | 0.30 |
| MA7: | 364.5 | |
| MA20: | 366.1 | |
| MA50: | 386.2 | |
| MA100: | 398.9 | |
| MAexp7: | 369.1 | |
| MAexp20: | 369.1 | |
| MAexp50: | 367.7 | |
| MAexp100: | 366.3 | |
| Price / MA7: | +1.26% | |
| Price / MA20: | +0.82% | |
| Price / MA50: | -4.43% | |
| Price / MA100: | -7.47% | |
| Price / MAexp7: | -0% | |
| Price / MAexp20: | -0% | |
| Price / MAexp50: | +0.38% | |
| Price / MAexp100: | +0.76% |
Quotes :
-
10 min delayed data
-
CBOT Futures
This member declared not having a position on this financial instrument or a related financial instrument.
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