Technical Analysis #C-SOYB : 2020-08-17

IFC Markets

Master Trader
Oct 31, 2012
London (Great Britain)
Recommendation for Soybean: Buy

Buy Stop : Above 905
Stop Loss : Below 865

Parabolic SARBuy
Bollinger BandsNeutral

Chart Analysis
IFC Markets Tech Analysis

On the daily timeframe, Soyb: D1 returned to an uptrend and exited the downward channel. We do not exclude a bullish move if Soyb rises above its last high and the last two upper fractals: 905. This level can be used as an entry point. We can set a stop loss below the Parabolic signal, the last lower fractal and the lower Bollinger line: 865. After opening a pending order, we move the stop loss following the Bollinger and Parabolic signals to the next fractal low. Thus, we change the potential profit/loss ratio in our favor. After the transaction, the most risk-averse traders can switch to the four-hour chart and set a stop loss, moving it in the direction of the bias. If the price meets the stop loss (865) without activating the order (905), it is recommended to delete the order: the market sustains internal changes not taken into account.
Fundamental Analysis
The US Department of Agriculture (USDA) announced the sale of a batch of American soybeans to China. Will the Soyb prices rise?