Commodities

Soybeans Technically Broke Out Of A Short Term Down Trend

Published

2 years ago

November 21, 2021

Commodity traders seem to be encouraged by inflation. As bulls, inflation is looked at as higher prices for commodities. Even though, a strong US Dollar has been in play for a few weeks now, last week was a significant turning point potentially* for Soybeans.

As shown in the chart illustrated above you can see that Soybeans:

Had a run up then sold off pretty sharply multiple days in a row that turned into a multi-month downtrend.
The trend line resistance was obvious as resistance as it held as resistance more than 3 times.
It most recently broke out of a downtrend and is trying to rally but, no guarantees to future upside.

Money managers abandoned soybean meal shorts in the week ended Nov. 16 on a 7.3% surge in futures. That pushed their net long to 37.5k fut+opt contracts, the most bullish since May and +28.2k on the week. pic.twitter.com/2gnuOBCeEM
— Karen Braun (@kannbwx) November 19, 2021

*Nothing is guaranteed in the financial markets, full risk applies.

Related Topics:Commodities Futures Soybeans Stocks

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Soybeans Trying to Breakout Over $1600

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Commodities

Commodities: Soybeans Is Trading Near A Key Level

Published

2 years ago

May 22, 2022

Austin Daniels

Grains have saw a BOOM and as commodities tend to trade, we should expect a BUST, right? Well maybe that is not the case yet because Soybeans in trading near a very important level.

Soybeans is trading over 100 points off of Mays low as it is inching closer to the key $1,800 area.

As you can see the chart above, you can see that around 2012 Soybeans was trading near the current levels it is trading at.

This key area is going to be $1789 and above this level could be a nice breakout potentially.

Right now Soybeans currently trades at $1705 but, it has been consolidating for a few weeks now as it has traded in a range around $1600-$1700.

Commodities

Wheat Breakouts Out Of Channel…AGAIN

Published

2 years ago

May 16, 2022

Austin Daniels

Wheat Futures saw a gap up as futures opened last night.

This came after it broke out on Thursday and it has gained momentum Friday followed by a gap up on Sunday.

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Commodities

Soybeans Trying to Breakout Over $1600

Published

2 years ago

February 18, 2022

Austin Daniels

It has been quite the ride for Soybean traders the past few months as it has gone from $1600 back down to $1200 and now back at $1600.

The question is will it be a double top or will it actually breakout above $1600 this time.

First, I want to give credit to our very own @ChartBreakouts on twitter for calling this breakout via twitter.

#SOYBEANS is trying to breakout. pic.twitter.com/qrBkbmv2bD
— Sir Chartist (@ChartBreakouts) December 16, 2021

The Chart

Since Soybeans had bottomed around $1200 it had broken out and not looked back. As you can see this current area is very strong resistance from a few months back and all eyes will be on the $1600 area.

Earlier this week Soybeans did try to gain momentum over $1600 but that was not long lived and in result it fell back below $1600.

This morning Soybeans is currently trading around $1599 and is on watch today to see if demand can come into it and push it higher