CBoT beanoil still short

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Price traded further into its resistance area of the 3200 level and actually traded higher than what we would have liked to see. For twice in a row (Thursday and Friday) price traded into our pre-set stop-loss zone but still closed below same stop levels and we are still in position. Even though the resistance zone is tested more severe than we initially anticipated the overall pattern does not change and we keep our bear bias until we are proven wrong by the market. Our reconsideration point is still at the 3385 mark and the stop is still at 3260 but that is more for money management reason than anything else. The last two sessions hunted the price up but momentum went lost and the chart shows two candles with long topping tales which is a sign that the bulls ran out of air. We are still on the edge and we will start feeling more comfortable with our bear bias after we see price trading decisively to the 3120 zone which we would like to see happening during the coming week. After that we will trail our stop to entry level and will start looking for a target.
Trade closed: stop reached

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