March Soybean Oil creating a bearish Cypher. Next upside target for bulls is breaking R1 at 34 and climbing to R2 at 34.41. BO has been averaging below R3 and not eclipsing, so this is why I believe Cypher is in the offing.
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BO went bearish today. Using R1 as resistance at 34. Needs to break R1 and stay above to fullfil projection. Would suspect another down run to double bottom and create W.
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BO using pivot as support. May be trying to do a double bottom at S1. Today came back to RSI trend line so a break here will cast it down for the double bottom rebound.
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B Oil broke through uptrend, but end coming soon. New projection
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Bean oil running out of gas. Look for rebound here at S3. RSI tapping out. This might not be a very big bump. Would expect double bottom for any considerable upside. Poor sales are hampering Oil from rising as stocks of oil are low. Watch for comeback. Yellow line is bottom of yearly prices. S3 becomes support.