Remko

CBoT beanoil stopped out and waiting

CBOT:ZLZ2016   SOYBEAN OIL FUTURES - ECBT
12 0 3
Beanoil:
During the 2nd half of August we were taken a bit by surprise by price's upswing which stopped us out from our bear bias. The picture of today does not really give us a very clear vision on the nearby future.
Principally, we should see price resuming to the upside from here and especially now to seek for the 36/37 zone from where price can resume its long term down trend. However, price should then not break the 32.60/32.50 level in which case we will have to turn back to an immediate bear scenario.
Bottomline, we are holding our horses for now and await what will unfold during the coming week before taking any side.
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