Soybeans: Close to a buy signal once again...

The last time we had a perfect storm situation to buy grains, we had a monster rally in both corn and beans. We are now in a similar situation, with the recent surge in Nat Gas affecting fertilizer prices. Weather in Brazil is problematic and China is struggling to produce grains locally...We are once again nearing a situation where reward to risk for buying into grains is tremendous. I'm long Corn futures already for a couple days and waiting for the daily chart to trigger a technical buy signal in Nov Beans to go long as well.

The last weekly signal expires by next week, as a failure, price hit really oversold levels and reached monthly support (see green shaded area). Implications are a retest of the weekly down trend mode (as shown by the arrow on chart), at least, which can then evolve into a new weekly uptrend, once the daily trend turns up. And potentially trigger a new monthly signal similar to the one we had before...This is an interesting juncture to enter long term positions in grain futures.

Cheers,

Ivan Labrie.

노트

s3.amazonaws.com/tradingview/snapshots/c/cRLIgmbR.png

주문취소됨

Signal to the downside after today's report, Sep stocks are heavier than expected.
Will have to wait to form a bullish trend again.
This idea is on hold for now, still long corn which looks alright.

액티브 트레이드

The chart is coiling for an upside move, if you look at Nov 2022 Beans, we have a good setup in the making, Dec 2022 corn has a very good setup, already triggered a bullish trend, I suppose beans can catch up.
I've bought some long term OTM calls, for a very low price, reward to risk if the trade works is huge.

노트