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SOYBEAN OIL FUTURES - ECBT

CBOT:​ZLK2016
 
     
 
     
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ZLK2016 Commodities Futures Chart

 

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Remko Remko ZLK2016, D, Short
ZLK2016: CBoT beanoil short play set-up
21 0 0
ZLK2016, D Short
CBoT beanoil short play set-up

A renewed set-up on the beanoil chart after our last set up earlier this week did not materialize as the selling trigger lacked. Today we see price making a so-called 'bearish engulfing' which is a reliable reversal pattern. Price kept its divergence with it MACD and RSI: higher highs in price (compared to it last high at close on December 4 at 32.35) but not ...

Remko Remko ZLK2016, D, Short
ZLK2016: CBoT Beanoil possible short set up in the making
19 0 2
ZLK2016, D Short
CBoT Beanoil possible short set up in the making

We have a possible short set-up in the making here. The beanoil MAY16 chart is of 11am CDT so the session in Chicago has not ended yet. The candle could be a 'shooting star' in the making which, principally, is a bearish sign and it is a reliable bode that the end of the move up is imminent. More important, however, is that the chart is showing divergence between ...

Remko Remko ZLK2016, D, Short
ZLK2016: Beanoil is still in a down trend
21 0 1
ZLK2016, D Short
Beanoil is still in a down trend

After the continuation pattern as detected earlier this week we see that price has formed a descending channel. Combined with the earlier mentioned short set-up we keep looking at the downside with first target 30.00 where half of the position will be close. Current stop is at entry level and is being trailed down accordingly.

Remko Remko ZLK2016, D, Short
ZLK2016: Beanoil short play opportunity
16 0 1
ZLK2016, D Short
Beanoil short play opportunity

Price is now making correction in time. A move sideways is a continuation pattern. Add to short at 31.75 with a stop above 32.00 basis end of day.

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