Hey! I thought I asked you to leave my soybean triangle alone . . .

OK, I thought I was quite polite this morning when I asked you soybean traders to leave alone the pretty triangle I’m seeing in the November soybean futures charts. But no, you all had to go and mess with it.

Couldn’t you just wait until Friday, when WASDE comes out?

Well, all is not lost, I can just readjust my squiggly lines on the chart and I still see a triangle. That’s the great thing with caveman-style chart analysis: you just move the lines a bit and still tell you what you want to hear.

So here’s the triangle I now want to see, and will still look at it as a pennant that will break out to an upside leg to $20 per bushel.

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Good enough for me.

So traders: just don’t jerk it around any more. I beg you . . .

I don’t want to have to come up with another theory.

 

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About the author

Ed White — Ed White has specialized in markets coverage since 2001 and has achieved the Derivatives Market Specialist (DMS) designation with the Canadian Securities Institute.

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