Note in this chart that soybean prices found resistance today at the Exponential Moving Average on the daily chart (left). The chart on the right is the 15-minute chart. The same occurred on Tuesday. Also notable is the continued strong selling as reflected in the Klinger Volume indicator on both the daily and intra-day chars. Even with two green candles indicating up days, the volume indicator continues to signal more selling. This is particularly important on the daily chart, because it suggests selling by large funds and commercials. Still, the pattern, by itself, on this chart seems to indicate that a consolidation is forming for now. As the EMA moves lower, there will added pressure for prices to move lower. On the intra-day charts, trading has improved, but not markedly. These last few days have been difficult, but still profitable.Thursday, March 13, 2008
Soybeans Condolidation
Note in this chart that soybean prices found resistance today at the Exponential Moving Average on the daily chart (left). The chart on the right is the 15-minute chart. The same occurred on Tuesday. Also notable is the continued strong selling as reflected in the Klinger Volume indicator on both the daily and intra-day chars. Even with two green candles indicating up days, the volume indicator continues to signal more selling. This is particularly important on the daily chart, because it suggests selling by large funds and commercials. Still, the pattern, by itself, on this chart seems to indicate that a consolidation is forming for now. As the EMA moves lower, there will added pressure for prices to move lower. On the intra-day charts, trading has improved, but not markedly. These last few days have been difficult, but still profitable.
