Soybean (ZS) Daily MACD Positively Crossing

Traders' Insight • Feb 10, 2017 at 12:47 PM EST

Soybean (ZS) edged lower yesterday on profittaking, but appears readying to play catchup with Wheat (ZW) which rallied over 2.5% yesterday.

Written by Darren Chu, Founder, Tradable Patterns

Soybean (ZS) edged lower yesterday on profittaking, but appears readying to play catchup with Wheat (ZW) which rallied over 2.5% yesterday. ZS still appears to be gravitating towards the November and January highs, and is nearing the end of a symmetrical triangle (on the weekly chart). The weekly and daily RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains. I am flat after profitably closing a long yesterday, and will look to re-enter long intraday in the green zone (of the daily chart) today with an upside target of the red zone by mid next week.

Soybean (CME ZS Mar17) Weekly/Daily/4hr/Hourly

(Click on image to enlarge)

Click here for today's technical analysis on Corn, Wheat.

Disclosure:

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