Week 10: ZSK2021 Bullish Ahead, wait for a retracement.
Based on last Friday closing, I would expect the price to be bullish to $14.43 and making a retracement there.
However, I was proven wrong, the market gap up and push the price higher than $14.43
There is no more references that I can use as there is no data on the "left"; the only way to read the market is only by reading the Price Action.
I did some research on historical data and found that the highest price for SoyBeans was $17.6825 (03 September 2012).
If we are studying those data, there is a potential reversal at $16.50 where it was a strong resistance level created in July 2008.
Having said the above, we are not here to predict but to trade.
Our short-term observation:
(1) The price is on the upper-band of trend channel, either it will break or continue to range.
(2) Looking at the current movement, I don't think the gap will be closed that fast; the impulse movement upward was so strong and normally it will become a good support zone (area to buy).
(3) I left my line at $14.30 as a buy area marking.
Additional info which I mentioned above:
macrotrends.net/2531/soybean-prices-historical-chart-data
If you have other views or opinions or ideas, let's discuss it on the comment below.
However, I was proven wrong, the market gap up and push the price higher than $14.43
There is no more references that I can use as there is no data on the "left"; the only way to read the market is only by reading the Price Action.
I did some research on historical data and found that the highest price for SoyBeans was $17.6825 (03 September 2012).
If we are studying those data, there is a potential reversal at $16.50 where it was a strong resistance level created in July 2008.
Having said the above, we are not here to predict but to trade.
Our short-term observation:
(1) The price is on the upper-band of trend channel, either it will break or continue to range.
(2) Looking at the current movement, I don't think the gap will be closed that fast; the impulse movement upward was so strong and normally it will become a good support zone (area to buy).
(3) I left my line at $14.30 as a buy area marking.
Additional info which I mentioned above:
macrotrends.net/2531/soybean-prices-historical-chart-data
If you have other views or opinions or ideas, let's discuss it on the comment below.
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