Bullish clues:
- Strong uptrend in the commodity markets for a few years
- Double bottom last week
- Kind of a morning star candlestick pattern
- Above the neutrality zone on the Relative Strength Index (RSI > 50), with a strong support
- The 200 Exponential Moving Average is a good support
- Strong rebond on the Kijun-sen (Ichimoku indicator)
- Switch of the Kumo (Ichimoku Cloud) where the price can easily cross. If the price cross it, it will also cross the 50% Fibonacci retracement level.
BUT, PAY ATTENTION TO:
Bearish clues:
- Bearish divergence on the Relative Strength Index (RSI), but not in the oversold or overbought zones, so not so important
- Bearish oblique resistance from end of November 2021
Objective:
My first objective is $8.20 per bushel, the last swing high, reached on December 27, 2021.
Feel free to share, comment and give your opinion if it is constructive ;)
DISCLAIMER: This is not investment advice
- Strong uptrend in the commodity markets for a few years
- Double bottom last week
- Kind of a morning star candlestick pattern
- Above the neutrality zone on the Relative Strength Index (RSI > 50), with a strong support
- The 200 Exponential Moving Average is a good support
- Strong rebond on the Kijun-sen (Ichimoku indicator)
- Switch of the Kumo (Ichimoku Cloud) where the price can easily cross. If the price cross it, it will also cross the 50% Fibonacci retracement level.
BUT, PAY ATTENTION TO:
Bearish clues:
- Bearish divergence on the Relative Strength Index (RSI), but not in the oversold or overbought zones, so not so important
- Bearish oblique resistance from end of November 2021
Objective:
My first objective is $8.20 per bushel, the last swing high, reached on December 27, 2021.
Feel free to share, comment and give your opinion if it is constructive ;)
DISCLAIMER: This is not investment advice