CBoT beanoil short play set-up

A renewed set-up on the beanoil chart after our last set up earlier this week did not materialize as the selling trigger lacked. Today we see price making a so-called 'bearish engulfing' which is a reliable reversal pattern.
Price kept its divergence with it MACD and RSI: higher highs in price (compared to it last high at close on December 4 at 32.35) but not charting higher highs on its MACD and RSI .
Since March 3 price has started to trade within a steep channel upwards which was broken only today and, if no rally occurs towards today's close, price will close below the lower boundary line of same ascending channel .
It is worth entertaining a short play here at the close or tomorrow's opening but only provided that price closes at/below 33.45 and with a very tight stop at 34.25 basis intra-day.
Trade active: We are already trailing the stop to entry level basis intraday which gives us certainty that this trade will not cost us any money. Just in case that the market turns against us.
Trade closed: stop reached
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out