May soybean oil futures a selling opportunity on more price weakness.
See on the daily bar chart for May soybean oil futures that prices have backed well down from their recent high as the bulls have faded. The steep sell offs in soybeans and crude oil this week make me suspect a near-term market top is in place for soybean oil. A move below chart support at Wednesday’s low of 42.82 cents would become a selling opportunity in May soybean oil futures. The downside price objective would be 40.00 cents, or below. Technical resistance, for which to place a protective buy stop just above, is located at 44.00 cents.
