Beanoil:
Nothing much to add to the chart of last week. Price is performing as per our preferred routing although we still need to see the 31.42 low of May 23-25 to be taken out. Thus far price took out the most recent low of June 16 at 31.75 and the impulsive character of last Friday's session indicates that the 30.50 level should be reached by the end of next...
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...
Beanoil:
Price made further advance during the past week and hit our stop. One could argue that our stop was too tight but, as a rule, taking a loss is a very healthy thing to do and the saying that 'the first loss is your best loss' makes a lot of sense if one thinks about it. So does the saying 'if you are not prepared to take a loss you will, sooner than...
Beanoil:
Price traded further into its resistance area of the 3200 level and actually traded higher than what we would have liked to see. For twice in a row (Thursday and Friday) price traded into our pre-set stop-loss zone but still closed below same stop levels and we are still in position. Even though the resistance zone is tested more severe than we initially...
Beanoil:
Price has made its test back to the resistance level of 3200 which has set the floor for a solid bear move. Initial stops are at 3260 for this run and if price would break the 3385 level we will have to turn back to our drawing board and reconsider our bear bias again. In case that our initial stop gets hit we will look at a renewed short entry...
Beanoil:
Price broke out through the downside of the long term ascending price-channel which means that we have to go back to the drawing table and reconsider our bias. Our bullish scenario has failed an stops were hit. Former support at the 32 level has now become resistance and we expect same resistance to be tested some time during the coming week or week...
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...
Price has been following our preferred path quite nicely last week and tested the downside of the ascending price channel from where it made quite an impulsive bounce up during last Friday's session. Friday's candle was a strong one and had the characteristics of a 'Bullish Engulfing' candle which is a solid sign that price wants to reverse and go up from here....
Beanoil:
Price has been moving in a wide-ranged ascending channel from Sep/Oct15 onwards with higher highs and higher lows. Since about two weeks price started again a correction to the down side but still within the boundaries of the ascending price channel.
The candle of last Friday was a perfectly shaped ´inverted Hammer´ which is a strong reversal signal and...
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...
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...
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.
