Beanoil:
Price made a solid move up during an 'inside day' session. The advance in price was stronger than what we would have liked to see but the overall picture of our bias does not change. We anticipate lower prices but we would like to see the lows of May 23&25 at 31.42 to be broken after which the door will be open to an acceleration to the downside. First target is at 29.00 and second target is at 28.00 after which we will see whether and how far we want to trail the final target down.
The stop for now is at 33.72 basis end-of-day. Positions will need to be rolled over soon (preferably this week) and traders need to be alert for slippage.
Price made a solid move up during an 'inside day' session. The advance in price was stronger than what we would have liked to see but the overall picture of our bias does not change. We anticipate lower prices but we would like to see the lows of May 23&25 at 31.42 to be broken after which the door will be open to an acceleration to the downside. First target is at 29.00 and second target is at 28.00 after which we will see whether and how far we want to trail the final target down.
The stop for now is at 33.72 basis end-of-day. Positions will need to be rolled over soon (preferably this week) and traders need to be alert for slippage.
