CBOT Soybeans (Nov 2024) Plummet to Four-Year Low Amid Bearish Technical Outlook
Soymeal
โขPublished on
๐๐๐๐ ๐๐จ๐ฒ๐๐๐๐ง๐ฌ (๐๐จ๐ฏ ๐๐๐๐) ๐๐ฅ๐ฎ๐ฆ๐ฆ๐๐ญ ๐ญ๐จ ๐
๐จ๐ฎ๐ซ-๐๐๐๐ซ ๐๐จ๐ฐ ๐๐ฆ๐ข๐ ๐๐๐๐ซ๐ข๐ฌ๐ก ๐๐๐๐ก๐ง๐ข๐๐๐ฅ ๐๐ฎ๐ญ๐ฅ๐จ๐จ๐ค
๐น๐น๐น๐๐ก๐ ๐๐ก๐ข๐๐๐ ๐จ ๐๐จ๐๐ซ๐ ๐จ๐ ๐๐ซ๐๐๐ (๐๐๐๐) ๐ฌ๐จ๐ฒ๐๐๐๐ง๐ฌ ๐๐จ๐ฏ๐๐ฆ๐๐๐ซ ๐๐จ๐ง๐ญ๐ซ๐๐๐ญ ๐๐๐ฅ๐ฅ ๐ญ๐จ ๐ฅ๐จ๐ฐ๐๐ฌ๐ญ ๐ฅ๐๐ฏ๐๐ฅ ๐ข๐ง ๐ง๐๐๐ซ๐ฅ๐ฒ ๐๐จ๐ฎ๐ซ ๐ฒ๐๐๐ซ ๐จ๐ง ๐ฌ๐ญ๐ซ๐จ๐ง๐ ๐๐ ๐๐ซ๐จ๐ฉ ๐ฉ๐ซ๐จ๐ฌ๐ฉ๐๐๐ญ๐ฌ ๐๐ง๐ ๐ฐ๐จ๐ซ๐ซ๐ข๐๐ฌ ๐๐๐จ๐ฎ๐ญ ๐๐๐ฆ๐๐ง๐ ๐๐จ๐ซ ๐ญ๐ก๐ ๐จ๐ข๐ฅ๐ฌ๐๐๐. ๐๐ง ๐ญ๐ก๐ ๐ญ๐๐๐ก๐ง๐ข๐๐๐ฅ ๐๐ซ๐จ๐ง๐ญ, ๐๐๐๐ ๐ฌ๐จ๐ฒ๐๐๐๐ง ๐๐ฎ๐ญ๐ฎ๐ซ๐๐ฌ (๐๐จ๐ฏ ๐๐๐๐) ๐ฌ๐๐๐ฆ ๐ญ๐จ ๐๐ ๐ข๐ง ๐๐ง ๐๐๐๐ซ๐ข๐ฌ๐ก ๐ญ๐ซ๐๐ง๐, ๐ฐ๐ข๐ญ๐ก ๐๐๐๐ฅ๐ข๐ง๐ข๐ง๐ ๐ฉ๐ซ๐ข๐๐๐ฌ ๐๐ง๐ ๐ฐ๐๐๐ค๐๐ง๐ข๐ง๐ ๐ฆ๐จ๐ฆ๐๐ง๐ญ๐ฎ๐ฆ.
๐๐ฎ๐ฉ๐ฉ๐จ๐ซ๐ญ ๐๐๐ฏ๐๐ฅ๐ฌ: The primary support level is around $10.38 per bushel, as indicated by the recent low.
๐๐๐ฌ๐ข๐ฌ๐ญ๐๐ง๐๐ ๐๐๐ฏ๐๐ฅ๐ฌ:Immediate resistance is noted at the 23.6% Fibonacci retracement level, around $11.21 per bushel, followed by stronger resistance at $11.70 per bushel, near the 28.2% Fibonacci level.
๐๐ฑ๐ฉ๐จ๐ง๐๐ง๐ญ๐ข๐๐ฅ ๐๐จ๐ฏ๐ข๐ง๐ ๐๐ฏ๐๐ซ๐๐ ๐๐ฌ (๐๐๐):
9-week EMA: 11.14, acting as a dynamic resistance level.
50-week EMA: 11.89, providing a broader perspective of market trends and acting as a long-term resistance.
๐๐๐ฅ๐๐ญ๐ข๐ฏ๐ ๐๐ญ๐ซ๐๐ง๐ ๐ญ๐ก ๐๐ง๐๐๐ฑ (๐๐๐):
The RSI is currently at 26.75, indicating that the market is in the oversold territory. This suggests a potential for a price reversal or consolidation in the near term.
๐๐ฎ๐ซ๐ซ๐๐ง๐ญ ๐๐ซ๐ข๐๐ ๐๐๐ญ๐ข๐จ๐ง:
The price is currently trading below both the 9-week and 50-week EMAs, which indicates a bearish trend.
The market has recently breached the 23.6% Fibonacci retracement level, confirming the bearish sentiment.
๐๐ซ๐ข๐๐ ๐๐๐ซ๐๐จ๐ซ๐ฆ๐๐ง๐๐: The price performance of CBOT Soybean Futures has been consistently declining over various periods:
Month-to-date: ๐ป-6%
Three months: ๐ป-12%
Six months: ๐ป-13%
One year: ๐ป-17%
๐
๐ฎ๐ญ๐ฎ๐ซ๐ ๐๐ฎ๐ญ๐ฅ๐จ๐จ๐ค:
โถGiven the current bearish momentum and the oversold condition indicated by the RSI, there is a possibility of a short-term rebound or consolidation around the current levels.
โถTraders should watch for any price action around the 23.6% Fibonacci retracement level (11.21) for potential resistance and near-term selling opportunities.
โถIf the price continues to decline, the support at 10.39 will be crucial. A break below this level could lead to further downside towards the psychological level of 10.00.
โถOn the upside, a sustained move above the 9-week EMA (11.14) and the 23.6% Fibonacci level could signal the beginning of a bullish correction towards the 50-week EMA (11.89).
๐๐จ๐ง๐๐ฅ๐ฎ๐ฌ๐ข๐จ๐ง: The CBOT Soybean Futures (Nov 2024) chart shows a bearish trend with the potential for a short-term rebound. Traders should monitor key support and resistance levels, alongside the RSI and EMA indicators, to make informed trading decisions.