December soybean meal futures a buying opportunity on more price strength. See on the daily bar chart for December soybean meal futures that prices have made a decent rebound from the recent low. See, too, at the bottom of the chart that the Moving Average Convergence Divergence (MACD) indicator has produced a bullish line crossover signal, whereby the thick blue MACD line crossed above the thin red “trigger” line. A move above chart resistance at this week’s high of $316.80 would give the bulls some more upside momentum and it would also become a buying opportunity. The upside price objective would be $360.00 or above. Technical support, for which to place a protective sell stop just below, is located at $300.00.
