Remko
Short

CBoT soybeans still bearish

CBOT:ZSX2016   SOYBEAN FUTURES - ECBT
12 0 5
Soybeans:
We were expecting that price would break down through the lower boundary of the sideways channel at 935/940 but price continued trading sideways during the week although price took out its most recent low during last Tuesday's session. This break of the most recent low at 937 was not followed by further decline though.
The weekly chart (not displayed) shows a 'spinning top' for the past week which indicates indecision of the market and which keeps the door wide open for further decline. We maintain our bear bias for this chart and expect, again, that price will now decisively break out to the downside of the flat sideways during the coming week. The next challenges are the lows at the 916/910 zone of early April after which the 880 level comes in sight as first target.
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