May soybean oil futures a buying opportunity on more price strength.
See on the daily bar chart for May soybean oil futures that prices have made a strong rebound from the January low and have just hit a fresh nearly three-month high. Prices are also in a four-week-old uptrend. The bulls have gained upside near-term technical momentum. A move above chart resistance at this week’s high of 41.64 cents would become a buying opportunity. The upside price objective would be 44.00 cents, or above. Technical support, for which to place a protective sell stop just below, is located at this week’s low of 40.65 cents.
