Remko

CBoT beanoil remains neutral for now

CBOT:ZLZ2016   SOYBEAN OIL FUTURES - ECBT
5 0 0
Beanoil:
This pice has given us quite a bit of headaches during the past week as it is just not going anywhere very fast. After a 'spinning top' during the week before last week price has now drawn a perfect 'doji' during the past week with an opening price of the first session of the week to be at exact the same level as the closing price of the last session of the week (being 33.31) which is a sign of further indecisiveness of the market. The candle of the week has posted a lower low and lower high which is an indication that price is trying to trade down but nothing much more than just an indication indeed.
We still keep a bear scenario as very likely for this price but would not want to base a short trade on what we are seeing in this chart today. We want to kick the can down the street for one more week (and, if needed, more) to see whether the pivotal resistance levels at 33.75 and, especially, at 34.29 will hold and whether the supportive zone at around the 32 value will give way. A break to the upside of 33.75 will nullify a possible bear case scenario and will probably allow price to trade up to the 36.50/37.00 zone before a possible reversal down will occur. We are detached for this one now and simply need more time.
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out