Soyoil
24 Oct - Soyoil Bullish
InvestorsDoctor
Publish date: Tue, 24 Oct 2017, 06:04 PM
InvestorsDoctor
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24/10/2017
Soyoil Jan 18
yesterday close: 34.77 +0.46
US Soyoil closed at higher high for the third day and formed a "3 white soldier" bullish signal in daily chart. Soyoil price pushed up by soybean, as USDA Export Inspections report indicated shipments at a marketing year high, an increased of 43.48% over the previous week but lagging last year by 9.24%.
Based on the hourly chart Fibo analysis, soyoil price now testing 0.382 Fibo level of recent swing, watch out for any retracement from this level. Overall, the trend is bullish as BB & MACD crossing up, yet RSI approaching overbought zone, may trigger a correction.
Price level to watch out today:
Resistance 35.20 35.62
Support 34.21 33.89
Recommended trading plan today:
1. Buy 34.80 with stop at 34.67, profit 34.93/35.03
2. Sell 34.67 with stop at 34.80, profit 34.48/34.38
Margin requirement (per lot)
USD 797.50
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