SOYBEAN MEAL TRIANGLE BREAKOUT IS VERY BULLISH
Since october we have been moving in a sideway motion. I think this range is coming to an end. The bulls dried out the bears, and are now ready to take the price to the next level higher at 360. The impulsive breakout yesterday is paving the way for more gains to come.
Note the bullish hidden divergence, which also shows the increasingly strong hand of the bulls and the RSI breakout.
The seasonal pattern is also in favor of the bull side, from february until june is the best seasonal phase for soybean price pressure, so this might support this trade idea.
I am personally looking for a small retracement towards 320 and will look at the lower timeframes for signs to enter with a stop at 310 and the plan is to trail this position towards 360.
Please use proper risk management and dont risk too much.
Best of luck.
Note the bullish hidden divergence, which also shows the increasingly strong hand of the bulls and the RSI breakout.
The seasonal pattern is also in favor of the bull side, from february until june is the best seasonal phase for soybean price pressure, so this might support this trade idea.
I am personally looking for a small retracement towards 320 and will look at the lower timeframes for signs to enter with a stop at 310 and the plan is to trail this position towards 360.
Please use proper risk management and dont risk too much.
Best of luck.
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