Soybean Trade Technical Analysis | Soybean Trade Trading: 2021-09-10 | IFCM UAE
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Soybean Trade Technical Analysis - Soybean Trade Trading: 2021-09-10

Soybean Technical Analysis Summary

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Strong SellSellNeutralBuyStrong Buy

Below 1269.8

Sell Stop

Above 1337.2

Stop Loss

Ara Zohrabian
Senior Analytical Expert
Articles 2452
IndicatorSignal
RSI Neutral
MACD Sell
Donchian Channel Neutral
MA(200) Sell
Fractals Sell
Parabolic SAR Sell

Soybean Chart Analysis

Soybean Chart Analysis

Soybean Technical Analysis

The #C-SOYB technical analysis of the price chart on daily timeframe shows #C-SOYB,D1 is falling under the 200-day moving average MA(200), which is rising still. We believe the bearish momentum will continue as the price breaches below the lower Donchian boundary at 1269.8. A pending order to sell can be placed below that level. The stop loss can be placed above 1337.2. After placing the order, the stop loss is to be moved every day to the next fractal high, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level without reaching the order, we recommend cancelling the order: the market has undergone internal changes which were not taken into account.

Fundamental Analysis of Commodities - Soybean

US soybean export inspections suffered a moderate week-over-week decline. Will the SOYBEAN price continue rising?

US Department of Agriculture reported on September 2 that soybean net sales of 68,200 metric tons for 2020/2021 were down 9 percent from the previous week. However, the next day USDA said private exporters reported export sales of 130,000 metric tons of soybeans for delivery to China during the 2021/2022 marketing year. The marketing year for soybeans began September 1. The news of fresh export business to China is an upside risk for #C-SOYB. At the same time analysts note that warmer weather forecast is favorable for US crop, and the last Crop Progress Report for the week ending September 5 showed an uptick of one percentage point for domestic soybean crop in good to excellent condition: thus 57% of the soybean crop in 18 States that planted 96% of the 2020 soybean acreage nationally is rated good to excellent, up from 56% the previous week. Expectations of higher proportion of higher quality soybean crop translate into expectations of higher supply of the commodity, which is bearish for #C-SOYB.

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Note:
This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.

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