Soybean Futures----Soybean futures in the May contract are currently trading at 9.48 a bushel after settling last Friday in Chicago at 9.55 down slightly for the trading week as the volatility has come to a crawl as spring planting is right around the corner and will certainly start to increase volatility in the coming weeks.
I've been recommending a short position as I sound like a broken record as I have been involved in this trade for around 7 weeks from the 10.48 level and if you took the trade continue to place the stop at 9.60 which is the 10 day high as something will develop in next week's trade.
For the soybean market to continue its bearish momentum prices have to break the April 11th low of 9.29 a bushel as prices are still trading below their 20 and 100 day moving average is the trend is lower . I was also recommending a bearish position in the November contract which is the new crop & if you took that trade from around the 10.01 level place the stop at 9.68 as the chart structure is outstanding due to the fact of low volatility and sideways action over the last week or so.TREND: -LOWER–CHART STRUCTURE: EXCELLENT
If you are looking to contact Michael Seery (CTA—COMMODITY TRADING ADVISOR) at 1-312-224-8140 I will be more than happy to help you with your trading or visit www.seeryfutures.com
Skype Address: mseery TWITTER---@seeryfutures
FREE TRIAL FOR THE LIMIT UP COMMODITY NEWSLETTER
If you’re looking to open a Trading Account click on this link www.admis.com
Minimum account size $100,000
There is a substantial risk of loss in futures and futures options. Furthermore, Seery Futures is not responsible for the accuracy of the information contained on linked sites. Trading futures and options is Not appropriate for every investor.