Remko

Beanoil almost ready for a long

CBOT:ZLN2016   SOYBEAN OIL FUTURES - ECBT
21 1 2
Beanoil:
Price has been moving in a wide-ranged ascending channel from Sep/Oct15 onwards with higher highs and higher lows. Since about two weeks price started again a correction to the down side but still within the boundaries of the ascending price channel .
The candle of last Friday was a perfectly shaped ´inverted Hammer´ which is a strong reversal signal and which indicates that a reversal of the price back up is imminent. Price could well trade a bit lower during the first 2 or 3 trading sessions of next week but we expect price to reverse back up soon.
We favour a bit further decline to the 3250/3200 level during early next week after which we expect price to trade back up to the 3600 level during the remainder of May and possibly into June.
really like this channel we have here, shorted it for that correction move and was stopped out Friday for a small gain. Target was near the 100SMA which lines up well with the bottom of this channel. The Highs in December and February should present a nice support level around the 32.20 level. I would like this to settle at that level for a bit and build some pressure for a strong push up. We'll see! G/L with your trade.
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