Updated: Sep 20, 2022
Good day TTs !
The stock index encountered some profit taking this week and the buy the dip mindset of the market is still in place.
Price fell and was supported by the 200SMA
Inverse head and shoulders pattern
Went long when price broke neck at 3120~
Next, cotton has been ranging for a couple of weeks and last week showed signs of going long
Bullish Engulfing on consolidation pattern
Price was supported by 4hr 50EMA
Lastly, I will be talking about soybeans. Price of soybeans has been falling sharply and was at a oversold position and I went to look for long position and boy i was right.
Price could not form lower lows
Double top + inverse head and shoulders pattern broke
Supported by 1hr-50EMA
You can also see that on the 30mins time price. Price rebounded at the 30min-50EMA as well.
Trade set ups
Price of soybean has risen to resistance area and I will be looking at whether price will show more bearish signal. Eg staying below the 50EMA for either the 30mins or 1 hr time frame.