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Soybean (ZS) Nears 2022 High Post-WASDE

Soybean (ZS) Nears 2022 High Post-WASDE

Posted January 16, 2023
Darren Chu
Tradable Patterns

Soybean (ZS) gained for a 3rd straight day Friday following the WASDE Thursday.  When ZS reopens in the shortened session (with today being Dr Martin Luther King Jr Day), ZS will likely make an attempt at testing the January high.  With ZS having reclaimed the psychologically key 1500 whole figure level and September high, odds are elevated for a test of the 2022 high (of June) sometime before month end.  Monitor as usual for any escalation in the Ukraine-Russia conflict.  Congratulations to Premium Members alerted Aug 24, 2020 to ZS remaining in play for a pending rally continuation and to those warned of the short opportunity Jun 14, 2021 and who benefited.  The weekly, daily and 4hr RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains.  I am looking to enter long in the green zone (of the daily chart), targeting the red zone for Monday.  The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).  Click here for analysis on CORN, GBPUSD

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Source: Interactive Brokers TWS
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