Sell 52.65 stop. Protective stop 53.69. Potential projection 48.00.
Reasons for the Trade:
1. The monthly chart triggered a sell last month.
2. The weekly has a sell signal that is still intact.
3. On the weekly chart the recent rally reached the low end of the consolidation that it broke out of four weeks ago - suggesting that the rally could be a test of that breakout. This week it has started to sell off again.
4. On the daily chart bean oil rallied up to the 54.00 resistance area and has started to sell off.
5. On the daily chart the bean oil rally has equalled the same fibonnaci retracement of approx. .382% that it did in 2008 before starting a new major wave down.
6. Today was an inside day that can trigger a signal and market direction.
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