Traders,
Soybeans had a nice breakout out of a long term descending wedge. Price was very weak after the breakout forming a rounded top at a small wave retracement, implying we will see some downside. We could either use the previous top sideways resistance as a support, or we could trade into the wedge structure, using the previous bottom wedge support, before more upside. Worth keeping an eye on this one as there is a few opportunities. Hope you have your own tested trading strategy to trade this one when it moves.
Soybeans had a nice breakout out of a long term descending wedge. Price was very weak after the breakout forming a rounded top at a small wave retracement, implying we will see some downside. We could either use the previous top sideways resistance as a support, or we could trade into the wedge structure, using the previous bottom wedge support, before more upside. Worth keeping an eye on this one as there is a few opportunities. Hope you have your own tested trading strategy to trade this one when it moves.
