March Soybean Meal fell off of a Bearish Butterfly last week. Possibly entering a three drives bullish pattern. Soybean Meal and Beans have been operating on sales alone for bullish moves. Has reached bullish support for volume. Next downside target is Pivot at 326.6
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Soybean Meal closing in on the uptrend and S1. Poked through pivot and stayed under. Will have to wait and see if this continues downward or bounces off and moves again upward. Target 322
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Meal hit trend line. Looking for a break either way for direction.
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Meal down further. Target 314.2 at S2
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S2 is still target for SM. Will S2 be support for this market or another push downwards?
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SM not moving. Looking bearish, However a rounding bottom maybe in the offing for upside move.
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SM continues a round bottom and starting to rise. Target pivot at 326.6
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SM reached target and has broken trend line. Looking at 334 next target.