Soybean: 27.07.2017
Timeframe: D1
Downtrend movement with fake breakthrough the trend bottom diagonal, Fibo 38.2% and SMA200.
On the H4 timeframe chart we have a "double bottom" formation and CCI 50 indicator crosses above -100 which is positive signal.
Price Action: Reversed Hammer - signal for end of the correction and new uptrend movement
Technical Indicators:
SMA50/200 - SMA50 is under SMA200 - positive sentiment. Price has made a fake breakthrough the SMA200 - buy signal.
CCI50 - in negative zone, but going to cross above 0 - still doesn't give a clear signal.
SL: 1013
Alternative scenario: if price goes back below the diagonal support and hold there then we can expect a new downtrend movement.
Jr_Trader_Ivan_Ivanov
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