DislikedIt certainly looks bullish from a TA point of view...it seems we have a daily close above 1564. It would be nice to see it start using this as support...I think the COT data is saying its a buy ( Mike might be able to help ) although this is just coming back from extremes...
I've just started looking deeper at futures, So I'm in the process of downloading data as mine is only back to 2010, I'm hoping to have the history sorted in a week or so..
I will be keeping an eye on soybeans ..
Cheers JaIgnored
At the end of the day in a down trend support is supposed to give way so these areas get broken all the time. When LL LH action stops there is the chance of either consolidation, reversal, or sometimes a continuation again.
Stews trendline is very supportive that's for sure. I'm not gonna bother worrying about it though. My stop will get me out as I do not want to attempt to predict a bottom.
What is extra interesting is that Soybean Oil is flagging a a Bull Setup (Commercial Index at 89). I may look into getting long here (PA pending) as a semi hedge that may turn into the new Beans position.
Soybeans themselves could still have a way to go as the Commercial Index sits at 23 still after this much downside action. There are plenty of positions that could still get unwound.
Earlier in the year Bean Oil turned first and Beans and Meal followed soonish after. This may be happening now. So this may be a bottom in the 'Beans' in general, again I am waiting for price to show me this.
I will begin an Entry count for Bean Oil over the next day or so.
Thanks for you interest guys, its good to see others thoughts.
Mike