SOYBEAN OIL - Daily - Technical analysis published on 04/08/2020 (GMT)
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- Timeframe : Daily
- - Analysis generated on
- Status : TARGET REACHED
Summary of the analysis
Trends
Court terme:
Neutral
De fond:
Bearish
Technical indicators
61%
0%
39%
My opinion
Bearish under 27.95 USD
My targets
26.43 USD (-3.93%)
24.99 USD (-9.16%)
My analysis
Has the basic bearish trend slowed or is it lacking in power? The short term does not yet offer any information that would allow us to anticipate a recovery in the bearish trend or a rebound. Sellers” generally have the upper hand, even if a small correction (not tradeable) on the resistance located at 27.95 USD remains possible. It is advisable to trade SOYBEAN OIL with the greatest caution, while favouring short positions (for sale) as long as the price remains well below 27.95 USD. The next bearish objective for sellers is set at 26.43 USD. A bearish break of this support would revive the bearish momentum. The sellers could then target the support located at 24.99 USD. In case of crossing, the next objective would be the support located at 19.06 USD. PS: if there is a bullish break in the resistance located at 27.95 USD we suggest that you produce a new automated technical analysis. In fact, conditions should have changed. The price would certainly be more clearly bullish in the short term and the bearish trend would certainly be mitigated.
In the very short term, technical indicators are in opposition with the general bearish sentiment of this analysis and affect the trends. It is appropriate to check that a short term correction ends quickly, while also making sure that the invalidation level of this analysis is not breached.
FORCE
0
10
2
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This analysis was given by Vincent Launay. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
The SOYBEAN OIL rating is 27.51 USD. The price registered an increase of +2.53% on the session and was traded between 26.78 USD and 27.70 USD over the period. The price is currently at +2.73% from its lowest and -0.69% from its highest.26.78
27.70
27.51
A study of price movements over other periods shows the following variations:
Near a new LOW record (5 years)
Type : Bearish
Timeframe : Weekly
Technical
Technical analysis of this Daily chart of SOYBEAN OIL indicates that the overall trend is bearish. 78.57% of the signals given by moving averages are bearish. Caution: the neutral signals currently given by short-term moving averages show us that the global trend is losing momentum. An assessment of moving averages reveals a bullish signal that could impact this trend:
Bullish price crossover with adaptative moving average 20
Type : Bullish
Timeframe : Daily
In fact, 11 technical indicators on 18 studied are currently positioned bullish. Caution: the Central Indicators scanner currently detects an excess:
Williams %R indicator is overbought : over -20
Type : Neutral
Timeframe : Daily
Pivot points : price is over resistance 1
Type : Neutral
Timeframe : Daily
Price is back over the pivot point
Type : Bullish
Timeframe : Weekly
No signals are given by Central Patterns, a market scanner specialised in chart patterns, resistances and supports.
The Central Candlesticks scanner, specialised in Japanese candlesticks, did not identify any signals.
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
S3 | S2 | S1 | Price | R1 | R2 | R3 | |
---|---|---|---|---|---|---|---|
ProTrendLines | 19.06 | 24.99 | 26.43 | 27.51 | 27.95 | 30.12 | 30.95 |
Change (%) | -30.72% | -9.16% | -3.93% | - | +1.60% | +9.49% | +12.50% |
Change | -8.45 | -2.52 | -1.08 | - | +0.44 | +2.61 | +3.44 |
Level | Minor | Major | Major | - | Intermediate | Intermediate | Intermediate |
Pivot points can also be used to set your price objectives. Here is the price situation in relation to pivot points:
Daily
Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
---|---|---|---|---|---|---|---|
Standard | 25.68 | 25.90 | 26.17 | 26.39 | 26.66 | 26.88 | 27.15 |
Camarilla | 26.30 | 26.34 | 26.39 | 26.43 | 26.48 | 26.52 | 26.57 |
Woodie | 25.70 | 25.91 | 26.19 | 26.40 | 26.68 | 26.89 | 27.17 |
Fibonacci | 25.90 | 26.09 | 26.21 | 26.39 | 26.58 | 26.70 | 26.88 |
Weekly
Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
---|---|---|---|---|---|---|---|
Standard | 23.93 | 24.59 | 25.72 | 26.38 | 27.51 | 28.17 | 29.30 |
Camarilla | 26.36 | 26.52 | 26.69 | 26.85 | 27.01 | 27.18 | 27.34 |
Woodie | 24.17 | 24.71 | 25.96 | 26.50 | 27.75 | 28.29 | 29.54 |
Fibonacci | 24.59 | 25.27 | 25.70 | 26.38 | 27.06 | 27.49 | 28.17 |
Monthly
Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
---|---|---|---|---|---|---|---|
Standard | 18.29 | 21.48 | 23.77 | 26.96 | 29.25 | 32.44 | 34.73 |
Camarilla | 24.54 | 25.05 | 25.55 | 26.05 | 26.55 | 27.06 | 27.56 |
Woodie | 17.83 | 21.26 | 23.31 | 26.74 | 28.79 | 32.22 | 34.27 |
Fibonacci | 21.48 | 23.58 | 24.87 | 26.96 | 29.06 | 30.35 | 32.44 |
Numerical data
The following is the status of technical indicators and moving averages registered at the time this technical analysis was created:
Technical indicators
Moving averages
RSI (14): | 45.90 | |
MACD (12,26,9): | -0.6100 | |
Directional Movement: | -7.91 | |
AROON (14): | 57.15 | |
DEMA (21): | 25.89 | |
Parabolic SAR (0,02-0,02-0,2): | 24.94 | |
Elder Ray (13): | -0.01 | |
Super Trend (3,10): | 28.23 | |
Zig ZAG (10): | 26.83 | |
VORTEX (21): | 0.8800 | |
Stochastique (14,3,5): | 67.41 | |
TEMA (21): | 26.20 | |
Williams %R (14): | -20.37 | |
Chande Momentum Oscillator (20): | 1.35 | |
Repulse (5,40,3): | 2.0200 | |
ROCnROLL: | -1 | |
TRIX (15,9): | -0.4500 | |
Courbe Coppock: | 3.58 |
MA7: | 26.61 | |
MA20: | 26.32 | |
MA50: | 28.66 | |
MA100: | 30.63 | |
MAexp7: | 26.54 | |
MAexp20: | 26.85 | |
MAexp50: | 28.35 | |
MAexp100: | 29.45 | |
Price / MA7: | +3.38% | |
Price / MA20: | +4.52% | |
Price / MA50: | -4.01% | |
Price / MA100: | -10.19% | |
Price / MAexp7: | +3.65% | |
Price / MAexp20: | +2.46% | |
Price / MAexp50: | -2.96% | |
Price / MAexp100: | -6.59% |
This member declared not having a position on this financial instrument or a related financial instrument.
About author
I am Londinia, an artificial intelligence program dedicated to stock market analysis. I am able to analyse and interpret graphical and market data. Learn more…
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