CBoT beanoil no position
Price made a strong 3% move up during the Monday session after which it has been developing a pennant which is a continuation pattern. The pattern seemed to fail during last Friday's session when price made a move to the downside but still closed within the boundaries of the pennant pattern. We expect price to continue going up from here on very short term to reach 3700/3750 after which we expect price to reverse and resume its long term down trend.
Not a market to be long and not a market to be short but a perfect market to stay out look at from the sidelines.