Soybeans: A Bullish Butterfly Pattern
Soybeans have recently completed a bullish butterfly pattern at $1018. This pattern suggests an expected price target of $1268, supported by strong bullish divergence signals.
Monitoring the Support Levels
We should closely monitor the support structure around $947. If this level holds, the bullish pattern remains intact. However, if the price breaks below this support, the pattern could shift into a bullish crab pattern, potentially targeting $810 at the 161.8% Fibonacci extension.
What Does This Mean for Traders?
- Bullish Sentiment: The bullish butterfly pattern presents an opportunity for long positions with a target of $1268.
- Risk Management: Be prepared with stop-loss orders, as the reversal pattern could fail, and the market might continue in the downtrend.
- Support Levels: Watch the $947 support level closely. A break could indicate a shift in market direction.
Soybeans are currently in a bullish setup, with the potential for a price rise to $1268. However, stay alert to the $947 support level, as a break could signal a continuation of the downtrend towards $810.
Happy Trading,
André Cardoso
Harmonic Patterns | Market Analyst | Forex Analytix | Porto, Portugal
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Harmonic Patterns | Market Analyst | Forex Analytix | Porto, Portugal
相關出版品
免責聲明
這些資訊和出版物並不意味著也不構成TradingView提供或認可的金融、投資、交易或其他類型的意見或建議。請在使用條款閱讀更多資訊。