Soybean (ZS) Fails to Hold Above 6 Month Plus Downchannel Resistance

Soybean (ZS) is going into today's European morning and a new week trying to halt a 4 day slide. Significantly, ZS failed last week to hold downchannel resistance (on the weekly chart) and horizontal support (on the weekly chart) defined by the May 2019 low. Although odds are decent for a test this week of uptrend support (on the daily chart), ZS doesn't appear likely for now to retest the April low in July. Despite the drooping daily Stochastics and MACD, the weekly and 4hr RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains, suggesting that any further weakness in the next day or so will likely be followed by a rebound in the few days after. I am looking to go long in the green zone (of the daily chart), and am targeting the red zone for Friday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).

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ZS (Soybean) Technical Analysis

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