SOYBEANS Excellent buy opportunity.

7 mar

Soybeans (ZS1!) has been trading within a Channel Down pattern since early 2023 just last week, it almost hit its bottom (Lower Lows trend-line). So far the price has reacted with a minor rebound, while the 1D RSI has been on a major Bullish Divergence (Higher Lows against the price's Lower Lows).

This is the best buy signal since the May 31 2023 bottom where again after an RSI Bullish Divergence, the price rebounded aggressively to the 0.618 Fib on a +12.56% rally. So far within this long-term Channel Down, we have had similar rebounds of +12.56%, +14.26% and +11.86%.

Assuming the minimum of +11.86%, we are setting a Target on Soybeans at 1263'5, which may almost make contact with the 1D MA200 (orange trend-line), which has been the natural technical Resistance since April 24 2023.


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