Remko

CBoT not going anywhere

CBOT:ZLZ2016   SOYBEAN OIL FUTURES - ECBT
6 0 2
Beanoil:
Price made a 3% move up to the week which mostly came through during Friday's session.
Price broke the 2 pivotal resistance levels at 33.75 and 34.29 during the week and close above same levels which, principally, will give price the possibility to trade up further and possibly reach the 36/37 level. Having said so, the move of the past week could also very well be a bull trap and we do not feel comfortable either direction right now. The most likely move from here is to the upside but we would not build a long play strategy based on what we see here. It is just not a market to hold any position in either way.
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