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Beanoil Long Play

Beanoil Long Play

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. The candle was also a 'Double Key Reversal' candle with a lower low than the previous day but a higher close than the two previous candles which is a very solid bullish bode as well.
As far as we are concerned the price is on the way to our target of around 36/37 by latest the end of May which is at the upper boundaries of the price channel and some 8-10 percent up from its current level.