Soybean Meal Futures has closed below 60 RSI

6 Mar 2020

• The RSI shown on the Soybean Meal Futures chart has closed below 60, and there was a large bear outside candle formation to complement the move down. Additionally, this is the first retracement within the trend.
  Since the heaviest volumes are above the current price, I anticipate there will be a retracement into the untested supply zone and then trend continuation.
  Based on the Renko bar chart (shown as a candlestick chart above), the price has yet to infiltrate the demand area on the chart.
  

6 Mar 2020

Not

As it was pointed out to me, the stop loss marker is incorrect. That marker was meant to be a "target" symbol rather than a stop loss. Thank you for the correction...you know who you are!