July Soybean Meal rose off Shark pattern. Too much Soybean in market right now so rise is probably getting rid of oversold position before starting down again. Projecting rise to somewhere around 328-324. Next projected pattern bearish butterfly.
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New upside target projected to be beyond 328 moving to around 333
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Soybean Meal made its original target of 324. Couldn't achieve 333. Downside target 309.3
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Even though Meal made a bearish flag today. See downside target at 309.3 a very good possibility.
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Meal fell off of bearish flag this morning and continues down. Target 309.3 still possible.