Breaking News
LAST CHANCE for Cyber Monday SALE: Up to 54% off InvestingPro! Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Weekly Technicals On North American, European Oilseeds

By Eddie TofpikCommoditiesMar 11, 2018 05:42
uk.investing.com/analysis/weekly-technicals-on-north-american--european-oilseeds-part-2-200200369
Weekly Technicals On North American, European Oilseeds
By Eddie Tofpik   |  Mar 11, 2018 05:42
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

Chicago Soybeans (Second Month Continuous)

Chicago Soybeans
Chicago Soybeans

Last week I wrote how 'Since mid Jan/early Feb we've formed a fairly steep Bullish Andrews Pitchfork and we've mainly been using the underside of the Middle Tine as the Bullish angle-of attack of the market. However, today we've gone over it..'. That was the high-water mark for this move...that AP is now gone. The longer term Upper Tine of the Aug 2017—Jan 2018 Andrews Pitchfork (currently 1072) is broken but still has enough to push prices back down. We're now within this shallower Upper Tine and Middle Tine (currently 1022). Below we've also the 50% Fib of the 2016– 2017 move nearby at 1025 and unless we turn up quickly and break the Upper Tine once a ain then we ma well be headin down to for it.

Chicago Soybean Meal (Second Month Continuous)

Chicago Soybean Meal
Chicago Soybean Meal

Last week I wrote how all the main upside resistances had been taken out apart from the '...Old Gap at 398-402...'. We duly filled the Gap last Friday...and then fell. Right through the Middle and Lower Tines of the Jan—Feb Andrews Pitchfork that's been running the Bullish angle-of-attack of the market...that's redundant now. We've now a significant overhang of supply that may try to push prices further down. The feature that stands out over all are the two 50% Fibs of the older 2016-2017 move at 357.2 and the recent 2018 move at 357.1. You couldn't put a piece of paper in between them! Their coincidence seems like an attractor...we may see a market move to those levels. Only fresh highs would negate such a thing.

Chicago Soybean Oil (Second Month Continuous)

Chicago Soybean Oil
Chicago Soybean Oil

I wrote last time how '...it's hard...' recovering back up after reaching an upside target. I gave 'The reason is the proximity of the 2018 Downtrend (currently 32.88), though a two pointer, it caps the rallies. Further up, we've the combi of Long MA (currently 33.41) and Medium MA (currently 33.39).'. All these are valid as all I've done is update the numbers. The market's decided to revisit the 31.60 Feb Double Bottom area. However, there's more! Looking closely at recent action, I noted the possible Double Top we've formed AFTER reaching the DB Target. The 31.00 area would be the Target for a DT —the low back in Jun 2017. Looking closely at the Daily Chart you may see a nice market symmetry if we do go there.

Paris Rapeseed (Second Month Continuous)

Paris Rapeseed
Paris Rapeseed

I noted over the last couple of weeks two points '1) the 2005-to-date Uptrend (currently 342.00) held up the prior fall/. This looks very valid as we've neared the Uptrend at 342.00 seemingly backing back up. Then '2) the market has formed a Complex Reverse WS Pattern, a Pattern with a single Head and multiple Shoulders. Neckline currently 351.25. This week we've started to fulfil the first part of the Reverse H+S in the 361.50 area.'. Yes we tried...but failed. We made the Second Shoulder but then fell down through the Neckline (currently 351.00). '2)' doesn't look good at this time. This brings the 2017-to-date Bearish Halfway Hesitation back on and its Target 327. Let's see how it deals with the Uptrend/341.50 2018 low.

Winnipeg Canola (Second Month Continuous)

Winnipeg Canola
Winnipeg Canola

I asked last time to watch this market closely as we were about to make consecutive closes over the key 2018-to-date Downtrend (currently 522.30). Well, we did...a Bullish sign! We'd consecutive closes over the Nov 2016-to-date Downtrend (currently 525.40)...more Bull. However, we then spiked with a Pipe Top below the last major resist, the May 2016-to-date Downtrend (currently 532.00) and we've consecutively closed below both Downtrends...again. We oughtn't to recover, at least immediately because at time of writing, we're on for a Weekly Key Reversal Down at the top. We need to close below 516.30...unlikely but maybe. Next supports are the recent Upper Channel (currently 516.60), the Medium MA (currently 509.80) and the Long MA (currently 504.80).

Disclaimer: ADM Investor Services International Limited is authorised and regulated by The Financial Conduct Authority. Member of The London Stock Exchange. Registered office: 4th Floor Millennium Bridge House, 2 Lambeth Hill, London EC4V 3TT. Registered in England No. 2547805 a subsidiary of Archer Daniels Midland Company. Risk Warning: Investments in Equities, CFDs, Futures, Options, Derivatives and Foreign Exchange can fluctuate in value, investors should therefore be aware that they may not realise the initial amount invested, and indeed may incur additional liabilities.

These Investments may entail above average financial risk of loss, and investors should therefore carefully consider whether their financial circumstances and investment experience permit them to invest and, if necessary, seek the advice of an independent Financial Advisor. Some services described are not available to certain customers due to regulatory constraints either in the United Kingdom or elsewhere. © 2014 ADM Investor Services International Limited 2014.

Weekly Technicals On North American, European Oilseeds
 

Related Articles

Dmitriy Gurkovskiy
Crude Oil is Feeling Down Again By Dmitriy Gurkovskiy - Nov 22, 2021

Early in another November week, the Brent price went down again – it is trading at $78.75 and remains below the psychologically important level of $80, thus making market players...

Weekly Technicals On North American, European Oilseeds

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: ADM Investor Services International Limited is authorised and regulated by The Financial Conduct Authority. Member of The London Stock Exchange. Registered office: 4th Floor Millennium Bridge House, 2 Lambeth Hill, London EC4V 3TT. Registered in England No. 2547805 a subsidiary of Archer Daniels Midland Company. Risk Warning: Investments in Equities, CFDs, Futures, Options, Derivatives and Foreign Exchange can fluctuate in value, investors should therefore be aware that they may not realise the initial amount invested, and indeed may incur additional liabilities. These Investments may entail above average financial risk of loss, and investors should therefore carefully consider whether their financial circumstances and investment experience permit them to invest and, if necessary, seek the advice of an independent Financial Advisor. Some services described are not available to certain customers due to regulatory constraints either in the United Kingdom or elsewhere. © 2014 ADM Investor Services International Limited 2014.
Continue with Google
or
Sign up with Email