Oilseeds Report
Weekly CBOT Soybean Continuous Close
Another week and still not much to add to the commentary as this correction remains far from over and could take a good few weeks, if not months, to complete.
Use all the rallies to take profit but keep a core long as the major trend/cycle is up.
Let the market come to you, and don’t chase it, as dogs that chase cars end up being run over.
If you are lucky enough to see a move sub $12.40 (November 21), own it for the LT.
240 Min CBOT November 21 Soybean Candle Chart
This market is playing out more and more like a triangle keeping everyone bullish at the top and less bullish at the bottom, if not a triangle, a flat formation but currently I have my doubt that the price will reach the top of the road map before coming off.
I very much like the below RR trade very much.
Sell with a stop loss over $14.20 and targets at $12.61.
This trade gives you a RR of 5 /1 and in anyone’s book, a bet worth taking!
In the big picture, I want to own this chart for the LT from $12.40 -$11.60!
Board Crush Continuous Daily Close
#No Change in Commentary
All I can say is, at this stage, this chart can come off to the $0.5531 level.
I would only get long under $0.58 in any size.
If this view is correct, there should still be a move back to $1.10.
Oil Share Continuous Daily Close
I love this chart and it’s as bullish a lotto winner at a strip club, but in it’s current guise I would allow it to play out for another week or two, although we would look to buy a dip.
Weekly SAF Soy Continuous Close
#No Change in Commentary
I am not sold on the fact that this chart will take out the double tops and rally from here.
What I will say is that should we have a weekly close over R7700 the chart should print R8400 fairly quickly!
Weekly SAF Suns Continuous Close
As things stand I am struggling to see this chart not make ATH’s and with momentum who knows just how high it could go!
I would not be short for love, money or charity!
Weekly CBOT Soy Oil Continuous Close
There is literally nothing I can change on this chart’s commentary.
The correction seems to be playing out as per the road map, and I would profit from the rallies until further notice!
I feel that this correction will play out over many weeks, if not months and that waiting for the market to come to you is the key to putting together a decent long position at the proper levels.
Sub $0.50 is still on the cards.
Weekly CBOT SBM Continuous Close
#No Change in Commentary
I feel the correction is over and that all dips are buying opportunities.
I remain in love with this chart (even though most think it’s the dog with fleas) and believe being long will be the best ST win!