Remko

Soybeanmeal CBoT waiting for a short play opportunity

CBOT:ZMZ2016   SOYBEAN MEAL FUTURES - ECBT
10 0 1
Soybeanmeal:
Price develops very similar to the soybean             price. Price reached the lower end of a very steep and rather narrow ascending price channel and bounced up during Friday's session. The candle to the day was a Bullish Engulfing candle which is a reliable reversal pattern. We are looking for price to move up during the coming 5-10 sessions to the upper boundary of the price channel from where a short play can be considered.
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