CBoT beanoil remains a short play

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Price started the week with quite an impulsive move to the downside of well over 4% in just 2 sessions but made a relatively strong corrective move back up during especially the Thursday session. Nothing changes in our outlook and we maintain our bear bias. We expect price to continue its downtrend immediately from Monday's opening onward. The crucial resistance levels are 32.97 for the short term and 33.59 for the mid term. But as long as these levels are not broken to the upside we see no reason to reconsider our bias.
Trade closed: stop reached
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