Soymeal Chart Structure Is Excellent

Soybean Meal Futures--- Soybean meal futures in the December contract are unchanged this Thursday afternoon in Chicago as the volatility in the grain market & many of the commodity sectors across the board have come to a crawl as I don't see this lasting much longer as harvest should be wrapped up in the next several weeks sending volatility back into this market.

I have been recommending a bullish position from around 313 and then recommending adding to the trade around 322 & if you took those trades the stop loss has been raised to 314 as the chart structure is excellent at the present time, but will not improve for another 5 trading sessions so you will have to accept the monetary risk at this time.

For the bullish momentum to continue prices have to break the October 13th high of 329 & if that does occur there's a possibility we could test the 340 level in the coming weeks ahead as prices are still trading above their 20 and 100 day moving average as the trend still remains to the upside. At the present time I'm also recommending bullish positions in soybeans as these are closely related so continue to place the proper stop loss while trying to stay awake as we are in the midst of the autumn doldrums.TREND: HIGHER---CHART STRUCTURE: EXCELLENT

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