Soybean Bias Is Still Bullish | IFCM UK

Soybean Bias Is Still Bullish

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The #C-SOYB price forecast in our March 3, 2020 technical analysis was bullish.

New data after #C-SOYB,D1 March 3, 2020 technical analysis still indicate bullish bias.

  • #C-SOYB,D1 continued rising: soybeans closed up 0.4% at $9.03-1/2 a bushel on March 3 after earlier hitting $9.08, the highest since January 24.
  • Dollar weakened, supporting demand for commodities denominated in dollars, as the Federal Reserve cut interest rates on March 3.
  • Here is what indicators show as of March 4, 2020:

    • The Parabolic Indicator gives a bullish signal.
    • TheBollinger bands give a neutral signal.
    • The MACD indicator gives a bullish signal.
    • The RSI oscillator has formed a bullish convergence.
    • The Fractalsgive a bullish signal.
    • The MA(200) Indicator gives a neutral signal.

    So the bullish forecast still stands for the #C-SOYB, D1.

    Buy stop Above 908
    Stop lossBelow 875

    Chicago Board of Trade.

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