May soybean oil futures a buying opportunity on more price strength.

See on the daily bar chart for May soybean oil futures that prices are in a choppy uptrend and last week hit a three-month high. The bean oil bulls have some upside technical momentum on their side. The rally in crude oil prices is also a bullish underlying factor for soybean oil futures market. A move above chart resistance at Wednesday’s high of 52.62 cents would become a fresh buying opportunity in May soybean oil. The upside price objective would be 57.00 cents, or above. Technical support, for which to place a protective sell stop just below, is located at 51.00 cents.

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