December soybean meal futures a selling opportunity on more price weakness.
See on the daily bar chart for December soybean meal futures that prices have sold off recently and this week hit a fresh three-month low. A four-week-old downtrend is in place on the daily chart. The bears still have some downside technical momentum. A move below technical support at $465.00 would provide the bears with better downside momentum and it would also become a fresh selling opportunity. The downside price objective would be $425.00 or below. Technical resistance, for which to place a protective buy stop just above, is located at $480.00.