July Soybean Meal Futures a Buying Opportunity on More Price Strength
See on the daily bar chart for July soybean meal futures that prices Wednesday hit a contract high. Prices Monday closed at a bullish monthly and quarterly high close as the meal bulls are in firm technical command and still have upside momentum on their side. A move above chart resistance at the contract high of $473.40 would become a buying opportunity. The upside price objective would be $505.00, or above. Technical support, for which to place a protective sell stop just below, is located at $457.90.
