Beanoil CBoT N16
Updated
Beanoil:
Price initially followed our preferred routing quite precisely but suffered a pull-back during the last two sessions that was deeper than we would have liked to see. Our bias with price target remains intact although a decisive move further down to 31.50 would be a conclusive sign to us that we should reconsider our short term bull bias. Our longer term view on beanoil is bearish but for now we still keep our eye on the 36 target by the end of May and we have not changed the chart.
Price initially followed our preferred routing quite precisely but suffered a pull-back during the last two sessions that was deeper than we would have liked to see. Our bias with price target remains intact although a decisive move further down to 31.50 would be a conclusive sign to us that we should reconsider our short term bull bias. Our longer term view on beanoil is bearish but for now we still keep our eye on the 36 target by the end of May and we have not changed the chart.
Trade closed: stop reached
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