Classical Chart of the Day – May Soybeans

 

Thrust in Soybeans completed a classic half-mast pennant pattern

 

The advance yesterday in May Soybeans completed a textbook 4-week pennant pattern. These patterns often occur at the half way mark of a sustained trend. The initial H&S bottom completed with a wide-bodied candlestick bar on Feb. 18 has an unmet objective of 15.14. The new target using the half-mast measurement is 15.55. A close below the Mar. 31 low negates this analysis.

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$ZS_F

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The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

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