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Soybeans in Descending Channel, Potential Targets for Upside Breakout

March 29, 2015 at 15:44 by Vladimir Vyun

Soybeans were in a bearish mode lately following the rally in February. Prices attempted to halt the decline at the beginning of March but failed, and it looks like another attempt made recently was unsuccessful as well. Indeed, the bearish setup is clear on the 4-hour chart as prices have entered a descending channel. Yet there is always a chance for an upside breakout, and the present chart picture shows potential targets in case such an event would occur.

The descending channel is showed by the yellow lines on the picture while the cyan and green lines mirror the channel. If prices break from the channel indicated by the yellow line to the upside, traders may enter long positions at the level identified by the cyan line. In such case, the green line shown the potential profit-taking target.

Click the image to enlarge it to a full-size screenshot:

Soybeans, March 2015, H4



You can download the MetaTrader 4 chart template for this pattern.

If you have any questions or comments regarding this chart pattern for soybeans, please feel free to reply below.

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