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Soybean Bias Is Still Bullish
The #C-SOYB price forecast in our March 3, 2020 technical analysis was bullish.
New data after #C-SOYB,D1 March 3, 2020 technical analysis still indicate bullish bias.
- #C-SOYB,D1 continued rising: soybeans closed up 0.4% at $9.03-1/2 a bushel on March 3 after earlier hitting $9.08, the highest since January 24.
- Dollar weakened, supporting demand for commodities denominated in dollars, as the Federal Reserve cut interest rates on March 3.
Here is what indicators show as of March 4, 2020:
- The Parabolic Indicator gives a bullish signal.
- TheBollinger bands give a neutral signal.
- The MACD indicator gives a bullish signal.
- The RSI oscillator has formed a bullish convergence.
- The Fractalsgive a bullish signal.
- The MA(200) Indicator gives a neutral signal.
So the bullish forecast still stands for the #C-SOYB, D1.
Order | BUY |
Buy stop | Above 908 |
Stop loss | Below 875 |
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