SOYBEAN MEAL FULL0724 - Daily - Technical analysis published on 10/22/2021 (GMT)
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- Timeframe : Daily
- - Analysis generated on
- Status : INVALID
Summary of the analysis
Trends
Short term:
Neutral
Underlying:
Bearish
Technical indicators
61%
0%
39%
My opinion
Bearish under 333.6 USD
My targets
312.8 USD (-4.15%)
303.4 USD (-7.02%)
My analysis
We are currently in a phase of short-term indecision. In a case like this, you could favour trades in the direction of the basic trend on SOYBEAN MEAL FULL1221. As long as you are under the resistance located at 333.6 USD, traders with an aggressive trading strategy could consider a sale. A cross of the support located at 312.8 USD would be a signal of a reversal in the basic trend and the short-term trend could then quickly become bearish. Sellers would then use the next support located at 303.4 USD as an objective. Crossing it would then enable sellers to target 283.8 USD. If the resistance 333.6 USD were to be broken, this would simply be a sign of possible further short-term consolidation and trading against this trend would then perhaps be more risky.
In the very short term, the general bearish opinion of this analysis is in opposition with technical indicators. As long as the invalidation level of this analysis is not breached, the bearish direction is still favored, however the current short term correction should be carefully watched.
Force
0
10
1.3
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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 price is 326.3 USD. The price has increased by +0.71% since the last closing and was traded between 323.0 USD and 326.8 USD over the period. The price is currently at +1.02% from its lowest and -0.15% from its highest.323.0
326.8
326.3
The Central Gaps scanner detects a bearish opening marking the presence of sellers ahead of buyers at the opening but not sufficiently marked to allow the price to register a quotation gap.
Bearish opening
Type : Bearish
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 LOW record (1 year)
Type : Bearish
Timeframe : Weekly
Near a new LOW record (1st january)
Type : Bearish
Timeframe : Weekly
Near a new LOW record (1 month)
Type : Bearish
Timeframe : Weekly
Technical
Technical analysis of SOYBEAN MEAL FULL1221 in Daily shows an overall bearish trend. The signals given by moving averages are 75.00% bearish. This bearish trend could slow down given the neutral signals currently being given by short-term moving averages. The Central Indicators scanner detects a bearish signal on moving averages that could impact this trend:
Bearish price crossover with Moving Average 20
Type : Bearish
Timeframe : Daily
An assessment of technical indicators shows a moderate bullish signal.
Central Indicators, the scanner specialised in technical indicators, has identified these signals:
Pivot points : price is over resistance 2
Type : Neutral
Timeframe : Weekly
RSI indicator is back under 50
Type : Bearish
Timeframe : Daily
Price is back under the pivot point
Type : Bearish
Timeframe : Daily
Central Patterns, the scanner specializing in chart patterns, did not identify any signals.
For a small setback in the very short term, the Central Candlesticks scanner currently notes the presence of this bearish pattern in Japanese candlesticks:
Bearish harami
Type : Bearish
Timeframe : Daily
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 203.6 | 283.8 | 303.4 | 326.3 | 345.8 | 376.9 | 403.6 |
| Change (%) | -37.60% | -13.02% | -7.02% | - | +5.98% | +15.51% | +23.69% |
| Change | -122.7 | -42.5 | -22.9 | - | +19.5 | +50.6 | +77.3 |
| Level | Minor | Major | Intermediate | - | Major | Minor | Major |
Attention could also be paid to pivot points to set price objectives:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 313.2 | 317.5 | 320.7 | 325.0 | 328.2 | 332.5 | 335.7 |
| Camarilla | 321.9 | 322.6 | 323.3 | 324.0 | 324.7 | 325.4 | 326.1 |
| Woodie | 312.8 | 317.2 | 320.3 | 324.7 | 327.8 | 332.2 | 335.3 |
| Fibonacci | 317.5 | 320.3 | 322.1 | 325.0 | 327.8 | 329.6 | 332.5 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 299.6 | 304.5 | 310.5 | 315.4 | 321.4 | 326.3 | 332.3 |
| Camarilla | 313.6 | 314.6 | 315.6 | 316.6 | 317.6 | 318.6 | 319.6 |
| Woodie | 300.3 | 304.8 | 311.2 | 315.7 | 322.1 | 326.6 | 333.0 |
| Fibonacci | 304.5 | 308.6 | 311.2 | 315.4 | 319.5 | 322.1 | 326.3 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 299.0 | 312.8 | 319.8 | 333.6 | 340.6 | 354.4 | 361.4 |
| Camarilla | 321.2 | 323.1 | 325.0 | 326.9 | 328.8 | 330.7 | 332.6 |
| Woodie | 295.7 | 311.1 | 316.5 | 331.9 | 337.3 | 352.7 | 358.1 |
| Fibonacci | 312.8 | 320.7 | 325.6 | 333.6 | 341.5 | 346.4 | 354.4 |
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): | 48.30 | |
| MACD (12,26,9): | -4.5000 | |
| Directional Movement: | -0.3 | |
| AROON (14): | 35.7 | |
| DEMA (21): | 318.0 | |
| Parabolic SAR (0,02-0,02-0,2): | 312.6 | |
| Elder Ray (13): | 2.1 | |
| Super Trend (3,10): | 307.8 | |
| Zig ZAG (10): | 326.2 | |
| VORTEX (21): | 0.9000 | |
| Stochastique (14,3,5): | 80.70 | |
| TEMA (21): | 319.3 | |
| Williams %R (14): | -15.90 | |
| Chande Momentum Oscillator (20): | 3.5 | |
| Repulse (5,40,3): | 1.7000 | |
| ROCnROLL: | -1 | |
| TRIX (15,9): | -0.3000 | |
| Courbe Coppock: | 4.80 |
| MA7: | 321.4 | |
| MA20: | 323.7 | |
| MA50: | 337.6 | |
| MA100: | 352.5 | |
| MAexp7: | 322.8 | |
| MAexp20: | 324.9 | |
| MAexp50: | 336.0 | |
| MAexp100: | 351.7 | |
| Price / MA7: | +1.52% | |
| Price / MA20: | +0.80% | |
| Price / MA50: | -3.35% | |
| Price / MA100: | -7.43% | |
| Price / MAexp7: | +1.08% | |
| Price / MAexp20: | +0.43% | |
| Price / MAexp50: | -2.89% | |
| Price / MAexp100: | -7.22% |
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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