CBoT soyameal remains a short play for now

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Price did make an impulsive move to the downside early in the week as expected and moved sideways during the Wednesday session and the Thursday session. Same pattern made us expect that price would continue its move down from last Friday or next Monday onward but price made an impulsive move up instead. It could be that the corrective move up has already started which we will know if the recent high of 321.1 would be broken to the upside. In that case we will see further advance of price to 300 or more after which a reversal back is to be expected again. Our overall outlook for the mid term does not change and we keep our price target at much lower levels but it could be that our timing needs reconsideration.

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