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Since no one is talking about soybeans: /s
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Posted 12/5/2018 22:47 (#7152036 - in reply to #7151398)
Subject: RE: Since no one is talking about soybeans: /s

I agree. In my opinion, speaking on a short term basis, soybeans are doing exactly what they should according to the chart structure. Much has been made by posters concerning charts. Trendlines have been drawn, forks have been drawn and the MACD is always a hot topic of conversation. However, no one seems to be using moving averages so i will give a brief overview. The 100 day moving average turned down in the beginning of June of this year. Naturally, the 10 day, 20 day. and 50 day crossed over to the downside as well. The price at that point was 10.30. We came down, and hit 8.40 and then rallied back to the 9.32.This price is the the top of the wedge that has been mentioned on here many times. from there we made a new low to 8.28. This is the bottom point on the wedge formation. From there we triangulated making lower highs and higher lows. Often being stopped by resistance of those very same Moving avgs. Finally, the moving averages have all crossed and turned higher, becoming new support rather than resistance. while the triangular wedge was nearing the converging trendline near the tip of the triangle, we had that .20 down day and tested the ascending line of lows. the next day we rallied and had follow through in the days following but stayed within the descending highs line. then we gapped. Everyone wants a gap but dont know what to do when it happens so they buy the gap expecting that it will not be filled. So everyone gets bulled up and buys it and then panic when it falls back to fill and exits with a loss. This is where the smart money comes in and buys the new support. Look for the gap to be filled which will take us back to test the top line of the triangular wedge. The Moving Averages are now support and underneath the price. the 100 day is currently 8.80. I dont know if it will go that low but Im looking for a rally to higher highs in the coming months. Just my opinion.

Edited by bearsbite 12/5/2018 22:49
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