Trading the trend: short soybeans
Soybeans price look to have resumed their long-term downtrend, which is why we would like to short these with a stop loss above the March high at 1,235, and a downside target at 1,135.
(AI Video Summary)
Previous GBP/USD, Brent crude and EUR/CHF trading outcomes
In this week's episode of "Trading the trend", Axel Rudolph discusses recent trades that he's conducted in forex and commodities. The long position on GBP/USD (cable) since 20 March experienced initial gains, followed by losses, but avoided a stop-out, aiming for a break-even exit.
The Brent crude oil trade initiated on 27 March yielded substantial profits, advised for cashing in at current prices.
The long EUR/CHF position showcased strong trends that are now showing signs of potential reversal due to negative divergence, prompting profit-taking.
This week's trading opportunity
This week, Rudolph's recommendation is to short soybean futures, based on a break through an accelerated uptrend line and past lows, signaling a sell with a stop loss above the March high at 1,235, and a downside target at 1,135.
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