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Bullish continuation pattern in Soymeal

December Soybean meal –Long from $301.80 – The long position was closed at 289.00 stronger dollar pressured the market and pushed it below the 20-day MA support. However, the market appears to be forming a possible continuation pattern and could be setting up for another run higher. If Soy meal rebounds and trades above Tuesday’s high (297.00) it would confirm the swing pattern failure to the downside. This type of price action can be followed by a significant move in the opposite direction. – Buy the Soy meal at 297.50 stop with a stop loss under the swing low.

December Soy meal

December Soy meal

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