Soybeans are about to begin a bearish move down, according to James Dima, technical analyst at Marex Spectron.
Based on a Chart of F20 Soybeans, Dima notes that a negative medium-term crossover of the 20-day moving average (blue line) and 40-day moving-average (blue line) was confirmed at yesterday’s close (18 November). This condition tends to unlock one to three month cycles – prior bullish crossovers are highlighted with green lines on the chart and bearish crossovers in purple.
See Chart.