Soybean Meal Bearish Butterfly

New pivots have arrived and we are projecting Bearish Butterfly for Meal. RSI rolling downwards. Meal dependant on Argentina weather and purchases. See Meal bullish long term to at least R2 at 355.8. Downside target right now at 317.6. Volatility is high and again dependant on the factors stated.

Kommentar:

Meal hit target, but we fear there is more upside to come because of gap up day. 364 next target previous R3 position. Gap at some point will need to be filled so if meal retraces, this could be a target R1 at 348.