Friday, August 21, 2020

A Soy Meal for the Bear

 

Here's why Dec Soy Meal looks bearish to me:

Hit 78.6% Fib of the Green Range
Bouncing off 200 SMA
Bear Harami
Doji Sandwich

Shorted from 301.20 this morning 7:15am ET
Target 50% Fib of Yellow Range 296.10
Stop 303.60 just above previous candle high

Risk: 301.20 - 303.60 = 2.40
Reward: 301.20 - 296.10 = 5.10
R:R = 2.125:1

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