Soybean (ZS) Testing 3 Month Downchannel Resistance

Soybean (ZS) is edging higher in today's Asia morning to start the week, and appears to be trying to gear up for a decisive break this week above the 3 month downchannel resistance (on the daily chart). Significantly, ZS is clearly above descending wedge resistance (on the weekly chart) and appears to be gravitating towards the psychologically key 900 whole figure level which is also the 50% Fib retrace of the January to March slide. The weekly, daily and 4hr RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains. I am looking to go long in the green zone (of the daily chart), and am targeting the red zone for Friday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).

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Mar 31, 2020
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