Soyoil
[Soyoil] - Fall to 6 Months Low
InvestorsDoctor
Publish date: Fri, 29 Dec 2017, 02:23 PM
InvestorsDoctor
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29/12/2017
Soyoil Mar 18
yesterday close: 32.71 -0.56
Soyoil fell to nearly 6 months low as there was rain in northern Argentina and another favorable 7 days forecast for both Brazil and Argentina. USDA report show that soyoil & soybean export this year relatively slower than last year.
Hourly chart show soyoil breaks down from its side way trend, triggered further sell signal. Price now rebound from RSI oversold but look at 4 hours chart, soyoil likely to drop further after rebound as technical indicators more to bearish.
Price level to watch out today:
Resistance 32.87 33.38
Support 32.30 32
Recommended trading plan today:
1. Look for sell signal at lower low 32.51.
2. If expect for further rebound, buy 32.88, stop 32.77, profit 33.08.
Margin Requirement
USD 797.50
Disclaimer: Idea sharing only, trade at your own risk
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