Soybean Meal Looks To Break Out Soon

Soybean Meal Futures---Soybean meal in the March contract settled last Friday in Chicago at 303 a ton while currently trading at 300 down slightly for the trading week still stuck in a 8 week consolidation pattern as I will be looking at a bullish position if prices close above 308 while then placing the stop loss at the contract low standing at 296 as the risk would be around 1,200 plus slippage & commission.

Generally speaking the month of January & February experience low-volatility as the growing season does not happen until the month of May as I think we are setting up for a very nice bullish trend to the upside as the Chinese trade agreement will be cemented this Wednesday afternoon so continue to look to play this to the upside as I think the downside is very limited.

Soybean meal prices are trading below their 20 and 100 day moving average as the trend is lower, however in my opinion its mixed as this continues to flip-flop above and below on a daily basis as the longer we consolidate the stronger the trend will occur as we have not had a drought in the United States since 2012 as we are due for some type of weather problem as I will not take a short position.

TREND: MIXED

CHART STRUCTURE: EXCELLENT

VOLATILITY: LOW

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