Remko

CBoT Beanoil still undecided

CBOT:ZLZ2016   SOYBEAN OIL FUTURES - ECBT
3 0 3
Beanoil:
Price keeps us in doubt on where to look for the short term. Longer term we remain bearish with a price target at 2600 or lower but our key question for today is where price will move during the coming week. We wanted to see either a decisive break of the 3260/3250 level and a break of the 3220 mark after that or a move to the upside to reach for 36 before reversing back down.
It initially looked like it was actually happening during last Thursday's session that price was going to break through to the downside but Friday's strong move up of almost 3% made the picture look quite different again. Still, Friday's candle has a fairly long topping tail which clearly indicates that the bulls ran out of air, at least for that day.
We need to kick the can a bit further down the street on this chart to decide whether external markets will put weight on this price and pull it down along or that price will indeed make one swing up first during the coming 1 to 2 weeks. We will come with an update on Wednesday or Thursday.
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