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CBoT beanoil remains a short play

CBoT beanoil remains a short play

Beanoil:
Price has traded up further than our liking and than what we were expecting. The overall picture remains a bear biased scenario for us with a possible further swing up to 33.50 now which is a 61.8% Fibonacci retrace level. We expect decline of price but with keeping the Fibonacci resistance level in mine and we expect accelerated volatility of the down move after the support level of 31.65 has been broken. We keep the picture and our chart unchanged for now.