Classical Chart of the Day – May Soybeans
- Posted by PeterLBrandt
- on April 1st, 2014
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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Peter Brandt entered the commodity trading business in 1976 with ContiCommodity Services, a division of Continental Grain Company. From his start in the commodity industry, Peter's goal was to trade proprietary funds. But, he first needed to learn the business. More »