December soybean oil futures a buying opportunity on more price strength.
See on the daily bar chart for December soybean oil futures that a fledgling uptrend line is in place. The soybean and soybean meal futures markets are off on bull runs but bean oil has lagged. It appears soybean oil has some catching up to do. A move in prices above chart resistance at 44.50 cents would become a buying opportunity. The upside price objective would be 48.00 cents, or above. Technical support, for which to place a protective sell stop just below, is located at the recent low of 43.00 cents.
