December soybean meal futures a buying opportunity on fresh price strength.
See on the daily bar chart for December soybean meal futures that prices have made a good rebound from the July low. The meal market has proven the more resilient market of the soy complex for quite some time. A move above chart resistance at $385.00 would provide the meal bulls with fresh upside near-term technical momentum and it would also become a buying opportunity. The upside price objective would be $400.00 or above. Technical support, for which to place a protective sell stop just below, is located at $378.00.
