July soybean oil futures a buying opportunity on more price strength.
See on the daily bar chart for July soybean oil futures that prices have seen a good rally recently and on Wednesday hit a fresh five-week high. The bulls have gained good upside momentum recently, to suggest prices can continue to trend sideways to higher in the near term. A move above chart resistance at Wednesday’s high of 51.24 cents would become a fresh buying opportunity. The upside price objective would be 54.50 cents, or above. Technical support, for which to place a protective sell stop just below, is located at 50.00 cents.
