Start Investing

Soybean Oil Retracement

Facebook Twitter Youtube Instagram Linkedin Tiktok

Good morning Traders!

Soybeans products have seen a strong selloff in the last couple of weeks, today I want to take a look at the chart of Soybean Oil.

Soybean Oil

The market is now in a confirm downtrend on the Daily, Weekly and the Monthly timeframes. After a strong push to a new Lower Low, the market is currently overextended on all the higher timeframes, and yesterday’s Daily candle showed the potential for a beginning of the pullback.

BO W
BO M

I am looking for a pullback to around the area of the 50 to 51 mark, to release some of this strong selling pressure. Drawing the Fibonacci retracement of the latest Daily move, has this area sitting around the 50% retracement. There are also a couple of previous significant touches in this area.

BO D

If and when the market will pullback into this area, I’ll be looking for a potential rollover setup.

Happy Trading!

Tamar Mehr

Tamar Mehr is a professional trader, neuropsychological trading mentor, FXGlobe Ambassador, and decision-making expert. She’s based in Brisbane, Australia.

Trading Advice Disclaimer:
Our Ambassador’s Daily Picks are not trading advice. These are informational articles covering the events which happened in the market already & scheduled events which are scheduled to happen in the Economic & Earnings Calendar.

General Risk Warning:
Trading leveraged products such as Forex and CFDs carries a high level of risk thus may not be appropriate and/or suitable for all investors. The investment value can both increase and/or decrease and the investors may lose all their invested capital. The content of this website does not constitute financial or investment advice. Any information herein is of a general nature and does not take into consideration your personal circumstances, investment experience or current financial situation. Under no circumstances shall the Company or affiliated Companies have any liability to any person or entity for any loss or damage in whole or part caused by, resulting from, or relating to any transactions related to leveraged products.

Table of Contents
LATEST ARTICLES

You may also be interested.

Trade with a global community today.

Since 2009, we’ve been helping people invest and trade in the financial markets. We empower our community members on their trading journey by strengthening their knowledge, cultivating their experience, and inspiring their sense of adventure. Our goal? To deliver world-class education, proactive support, and a superior trading environment to our diverse global network.

Open an Account
Try a Demo Account
FXGlobe
Our Community
FXGlobe Academy
Become a Partner
Trading
Useful Links

FXGlobe is a brand name and registered trademark. All rights reserved.

FXGlobe is authorised in various jurisdictions.

FS International Limited is a Company registered in the Republic of Vanuatu with Registration Number 700227 and authorized by the Vanuatu Financial Services Commission (VFSC), located at Law Partners House, Kumul Highway, Port Vila, Vanuatu.

FXGlobe Limited is a limited liability Company, incorporated and registered in Cyprus with registration number HE254133, under the relevant requirements of the Department of Registrar of Companies, with Registered address at 2, Louki Akrita, 3030, Ayia Zoni, Limassol. FXGlobe Limited is licensed investment firm with license number 205/13.

This website is not oriented in any jurisdiction and any user which is not intended for that would be contrary to local law or regulation (for example: USA, Japan, Iran, Europe – list is not exhaustive). It is the responsibility of the Client/User to ascertain whether he/she is permitted to use the services of FXGlobe brand based on the legal requirements in his/her country of residence.

The information on this website may only be copied with our express written permission.

Risk Warning: Trading leveraged products such as CFDs carries a high level of risk thus may not be appropriate and/or suitable for all investors. The investment value can both increase and/or decrease and the investors may lose all their invested capital. The content of this website does not constitute financial or investment advice.

Disclaimer: Any information herein is of a general nature and does not take into consideration your personal circumstances, investment experience or current financial situation. Under no circumstances shall the Company have any liability to any person or entity for any loss or damage in whole or part caused by, resulting from, or relating to any transactions related to leveraged products.

Contact Us: +44-2045427667, [email protected] 

Copyright © 2024 FXGlobe

Facebook-f Instagram Youtube Twitter
visa secure blu 2021
mc symbol opt 73 3x
ms hrz opt rev 87 3x
Start Investing
Login

Important!

Server Name Update

Learn More

On April 20, 2024, our MetaTrader 4 server names are changing.

  • Demo: FXGlobeInternational-Demo
  • Live: FXGlobeInternational-Real

You’ll need to reinstall the MetaTrader 4 desktop app and relaunch the mobile app to log in.

No action is required on the web platform.

Need help? Check our guide for more info.

Days
Hours
Minutes