good morning everybody it's Trent clarenbach with clarenbach research today is September the 10th 2024 and we will look at soybean oil Futures this is the weekly soybean oil Futures chart and I guess viewers of our of our videos and readers in our newsletters will remember we have been discussing this head and shoulders pattern that's been forming on the weekly chart well probably for the last year maybe last year and a half now and you know we see we have a left shoulder a head and a right shoulder we broke the neckline back here sometime in
February of 2023 and at that time we calculated our measured move price Target I guess you might call it or level of interest and it's a minimum price move that we anticipate will happen now that the head the neckline has been broken we had that down at 3030 now a strong argument can be made for 2750 or even you know even in that 26 range and 26 get you down here these previous lows which uh you know is quite common they get retested so we'll see what happens obviously prices don't move in straight lines and
if the price gets to that 3030 level we it's very difficult to predict when it will so on the daily chart here we can see a little bit more price action we can see here how back in July that this is the 200 day moving average that's in purple here and you can see how the price got rejected at that level and then again the green 50 day moving average has been acting as resistance bringing in sellers also here we you know we had the nice little run up here in August 30 got rejected right
now the price is kind of consolidating between that 50-day moving average and the previous lows we're at 4050 here this morning I'm going to draw a vwap here from the high yeah you can see here this yellow vwap from the high you know the combination of the anchored volume weighted average price and the green 50 day moving average you definitely brought in the seller so you know right now you know we're trading in this range here it's it's kind of a no trade zone for me and we don't really know where the where the prices
go from here so you know we get below that 3850 then I I become bearish again but to get bullish I need to get I need to get up for around this 42 43 somewhere in there before I get bullish I need to get above this an this orange vwap and above the green 50-day moving average my name is Trent clarenbach it's going to be a great day in Saskatoon Life's good
