Remko
Short

CBoT soybeans remain a short play

CBOT:ZSX2016   SOYBEAN FUTURES - ECBT
18 0 3
Soybeans:
We will roll over to the JAN17 chart as soon as JAN's volume starts equalling NOV's volume .
Again no decisive break of price during the past week which is something that we have been waiting for since some time now. The weekly chart (not displayed/attached) shows us again a 'spinning top' candle which principally expresses indecisiveness of a market and which still leaves the door for our bear bias wide open. Last week's 'spinning top' candle had a relative long topping tail which indicates that the bull forces ran our of power during the process of trading up. Even though it does so less than perfect, price still reasonably follows our preferred path that we drew on the chart three weeks ago and we keep our bear bias unchanged. A break of the most recent low at 934 will give price an acceleration to the downside. Last week's high at 975 represents a resistance value that we would not like to see broken and a break of the 994 resistance will negate our bear bias outright and will send us back to the drawing board.
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