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ZSK2021

Week 18: ZSK2021 Consolidation .. wait for a break The big drop last week was not sustainable; it was a big seller momentum but the price did not manage to breakthrough $15.20 level; it failed twice (double bottom). Therefore, currently the price is in range $15.20 to $16.00. On the side note, in H4 (as I write this), the current 3 candles are pushing higher with a small gap in between; it shows the Buyers are back in the game and pushing hard. The question is whether this push will break $16.00 to create a Higher High, we shall see.
CBOT:ZSK2021
by machintose
Week 17: ZSK2021 No point of return sighted (yet)Last week right after the Asian market open, the weekend gap was filled, our $1440 Decision Point level was breached and it went up to the moon. There were no sign of weaknesses yet, bullish momentum was strong on each upward push. Today the market was opened with a gap up again and as I am writing this, there is no sign of reversal yet; therefore we stay put and see the price action in the next few candles. My new pivot line is at $1536. Let me know if you have other views or comments.
CBOT:ZSK2021
by machintose
3
Week 14: ZSK2021 Uptrend Channel before it dropsSorry for the late post .. let's get to it. Based on the price movement last week, here is what I saw: (1) Strong bullish movement driven by the news, but it still did not break the previous High. (2) The Seller is pressing the price down from the top (Thursday, 01 April 2021), it shows that $14.44 is holding it's level. (3) As indicated last week, my support level is now at $14.10 From here, I am expecting some consolidation in the form of uptrend channel until the price is making a Lower High; then it is time for us to Short the market. This week my Pending Order: Sell Limit at $14.35 Stop Loss at $14.51 Take Profit at $13.90 Risk Reward Ratio: 2.66R Let me know if you have other opinions, we can discuss it in the comment sections.
CBOT:ZSK2021
by machintose
3
Week 12: ZSK2021 Ranging with a slight bullishLast week our target at $1440 had not been achieved, the price went down and made a retracement at the end of the week. Overall it is not a Sell yet, we are still within Buyers area ($13.90 to $14.24). The immediate Decision Point (DP) is at $14.24 where if it breaks, then we anticipated that it will go to our $14.40 level (which we will sell). If it doesn't break, then it will range within the buyer area. My view remains the same as last week, we look for the opportunity to short and feel free to scalp it while it is ranging. If you have a different view, let's discuss it at the comment area below.
CBOT:ZSK2021
by machintose
5
Week 10: ZSK2021 Bullish Ahead, wait for a retracement.Based on last Friday closing, I would expect the price to be bullish to $14.43 and making a retracement there. However, I was proven wrong, the market gap up and push the price higher than $14.43 There is no more references that I can use as there is no data on the "left"; the only way to read the market is only by reading the Price Action. I did some research on historical data and found that the highest price for SoyBeans was $17.6825 (03 September 2012). If we are studying those data, there is a potential reversal at $16.50 where it was a strong resistance level created in July 2008. Having said the above, we are not here to predict but to trade. Our short-term observation: (1) The price is on the upper-band of trend channel, either it will break or continue to range. (2) Looking at the current movement, I don't think the gap will be closed that fast; the impulse movement upward was so strong and normally it will become a good support zone (area to buy). (3) I left my line at $14.30 as a buy area marking. Additional info which I mentioned above: www.macrotrends.net If you have other views or opinions or ideas, let's discuss it on the comment below.
CBOT:ZSK2021Long
by machintose
8
Week 09: ZSK2021 Price is consolidatingThis week 09, we will be using ZSK21 as a chart reference. There are few things that I would like to share: (1) This morning the price was continuing the rally and created a gap upon opening. Price gap normally is closed within a day or two; so for a speculator, you can use this opportunity to short it. However, please be aware that the overall trend is still bullish, if you are shorting, be mindful that you have to act fast. (2) Overall the price still has no direction and it will be ranging from $1,405 to $1,427 (3) I will be interested to sell if the price penetrated $1,384 I will update again in mid-week if there is a sudden change on the outlook.
CBOT:ZSK2021
by machintose
12