The SOYB (soybeans ETN) Long Swing Trade + Long-term Trade idea has hit the final price target (T6) on the daily chart for a 25% profit. While I remain bullish on the grains (wheat, corn, & soybeans) longer-term, with all three hitting my initial long-term price targets with negative divergences & near-term overbought conditions. SOYB will now be moved to the Completed Trades archives while on watch for the next objective re-entry. Previous & updated daily charts below.
SOYB daily Jan 10th
SOYB daily June 25th
SOYB daily Aug 28th
Previous & updated weekly charts of $SOYB (soybeans spot price) with my longer-term targets, for reference, below
$SOYB weekly Nov 18th
$SOYB weekly Aug 28th
On a very much related note, $WHEAT (wheat spot price) has also just hit my $780ish initial (of several) long-term price target with near-term overbought conditions & negative divergences on the 60-minute time frame. As such, I have taken partial or full profits (depending on the account & security) on many of the related trade ideas on the agricultural commodities, all of which have been highlighted as either official or unofficial trade ideas over the past year or so, including: DBA, TILL, WEAT, CANE (and the related futures contracts; /ZW, /ZS, & /SB).
I plan to post additional updates and/or a video covering the ag commodities asap today, reiterating my longer-term bullish outlook & near-term caution due to the aforementioned conditions. I’ve also stated in the past, as well as in this comment reply that I made yesterday regarding wheat, how it is not uncommon to see the grains burn through divergences & overbought conditions as if they aren’t even there, at times like this, when it’s finally starting to become clear to the masses that they’ve bottomed & have started a new uptrend.