Is Momentum Changing for Soybeans? Price Just Crossed Above Its 20 Day Moving Average

The Hourly View for Soybeans

  • At the moment, S 1’s price is up $1 (0.08%) from the hour prior.
  • This move is a reversal from the hour prior, which saw price move down.
  • As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe.
  • Price action traders may also wish to note that we see a pin bar candlestick pattern on Soybeans. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • Of note is that the 50 hour changed directions on S 1; it is now pointing up. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Soybeans’s hourly price chart is shown below.

S 1

The Daily View for Soybeans

  • Currently, S 1’s price is down $-21.5 (-1.73%) from the day prior.
  • It’s been a feast for bulls operating on the daily timeframe, as Soybeans has now gone up 4 of the past 5 days.
  • As for the trend on the daily timeframe, we see the clearest trend on the 50 day timeframe.
  • Regarding moving averages, it should first be noted that price has crossed the 20 day moving average, resulting in them with price now being below it. The moving averages on the daily timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
  • Divergence between S 1’s price and its RSI may be manifesting. As such, be on the lookout for trend reversal in S 1’s price.

Below is a daily price chart of Soybeans.

S 1