Soybeans:
Price did not reverse during the first 2 trading sessions of the past week but made a lower low instead which made us decide to abandon our bull scenario for now. Instead we are now looking for a further loss of value of another 10-12% before the run up is to be expected.
Price did make a solid move to the upside of 2.5% during Friday's session which indicates further increase on very short term (Monday/Tuesday next) after which we expect price to resume its move to the downside and start looking for the 900 level.
If and when price breaks the 1060/1065 level to the upside we will pull our previous bull scenario out of the drawer again but for now we keep the eye to the downside.
Price did not reverse during the first 2 trading sessions of the past week but made a lower low instead which made us decide to abandon our bull scenario for now. Instead we are now looking for a further loss of value of another 10-12% before the run up is to be expected.
Price did make a solid move to the upside of 2.5% during Friday's session which indicates further increase on very short term (Monday/Tuesday next) after which we expect price to resume its move to the downside and start looking for the 900 level.
If and when price breaks the 1060/1065 level to the upside we will pull our previous bull scenario out of the drawer again but for now we keep the eye to the downside.