Soyoil
23 Oct - Soyoil Sentiment Remain Bullish
InvestorsDoctor
Publish date: Mon, 23 Oct 2017, 02:19 PM
InvestorsDoctor
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23/10/2017
Soyoil Jan 18
yesterday close: 34.31 +0.32
US Soyoil closed higher for another day, with the EPA said to have abandoned its intention on re-changes in US biofuel program. Meanwhile, unfavourable weather conditions continue to slow the pace of plantings in South America.
Based on hourly chart Fibo analysis, soyoil price now testing 50% Fibo level of recent swing. The price retrace from high of 34.62 for overbought correction. Break below middle line of BB may go test lower band of BB which is around 34.
Price level to watch out today:
Resistance 34.62 34.77
Support 34.21.43 33.89
Recommended trading plan today:
1. Buy 34.39 with stop at 34.20, profit 34.58/34.76
2. Sell 34.20 with stop at 34.39, profit 34.01/33.90
Margin requirement (per lot)
USD 797.50
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23/10/2017
Soyoil Jan 18
yesterday close: 34.31 +0.32
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