CBoT beanoil sidelined
Beanoil:
The impulsive and strong move up during the early stage of last week hit our stops and forced us out of the market place. Looking at it from the sideline we see that the last crucial barrier between current levels and the 36/37 level has not been broken. At the same time, however, we are not convinced that the sideways move and especially Friday's lower low is a bode that price will resume its downtrend from here although the indication is there. We will need one more week to get a clearer picture, same unless an impulsive move either way will tell us more. Until then we are sidelined.
The impulsive and strong move up during the early stage of last week hit our stops and forced us out of the market place. Looking at it from the sideline we see that the last crucial barrier between current levels and the 36/37 level has not been broken. At the same time, however, we are not convinced that the sideways move and especially Friday's lower low is a bode that price will resume its downtrend from here although the indication is there. We will need one more week to get a clearer picture, same unless an impulsive move either way will tell us more. Until then we are sidelined.
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