SOY MEAL

A long-term consolidation… A classical technical chart pattern (symmetrical triangle) and a strong technical support level… This chart would be a perfect fit for a text-book example. We will be looking for this commodity to find support at 270 levels. Wide trading range has contracted to as low as 100 points and now we are at the lower boundary. RSI is close to 30 levels (oversold) and the weekly chart is showing strong support. Soy meal should be on our watch list in the agricultural commodities.