Prime time for soybean meal?

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Similar to our previous idea, we think grains are primed for a move. With soybean meal futures jumping over 10% from last week, some technical set-ups have come into play.



Firstly, the September soybean meal contract shows a 7-month head-and-shoulder pattern which failed. A broken right shoulder suggests bullish strength.



Secondly, the December soybean meal contract is showing a bull flag that is breaking out, which is also a bullish signal.

Combined, we believe soybean meal futures are primed for an upward move with both technical set-ups proving bullish.

Entry at 435, stops at 420. Targets at 468 & 490.

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Disclaimer:
The contents in this Idea are intended for information purpose only and do not constitute investment recommendation or advice. Nor are they used to promote any specific products or services. They serve as an integral part of a case study to demonstrate fundamental concepts in risk management under given market scenarios.