May soybean oil futures a buying opportunity on more price strength.
See on the daily bar chart for May soybean oil futures that prices have made a solid rebound from the April low, are in a fledgling uptrend, and on Wednesday hit a three-week high. The bulls have gained upside technical momentum recently. A move above chart resistance at 43.00 would become a buying opportunity. The upside price objective would be 45.00 cents, or above. Technical support, for which to place a protective sell stop just below, is located at 42.00 cents.
