Remko

Soyameal long play failed

CBOT:ZMZ2016   SOYBEAN MEAL FUTURES - ECBT
8 0 2
Soyameal:
Similar to the soybean chart the price in soyameal failed to make a decisive reversal during the first 2 sessions of the week which made us abandon the bull scenario and start looking for further decline of the price to the 300 level during the rest of August. If and when price would break the 370/372 level to the upside we would start considering our previous bull scenario again. Price will probably trade a bit further up during the coming week to the 360 level but we expect it to reverse again and resume its move to the downside by the end of the coming week or possibly early during the week after that in order to complete a 10-15% decline in value.
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