July soybean oil futures a selling opportunity on fresh price weakness.
See on the daily bar chart for July soybean oil futures that prices are in a nine-week-old downtrend and the bears have the near-term technical advantage. The bears would gain fresh downside near-term technical momentum by pushing prices below chart support at 49.50 cents. That would also become a fresh selling opportunity. The downside price objective would be 46.50 cents, or below. Technical resistance, for which to place a protective buy stop just above, is located at 51.00 cents.
