Take A Look At Soybean Oil

Soybean Oil Futures--- Soybean oil futures in the December contract traded higher by 42 points yesterday trading at 33.83 as I have not talked about this commodity in quite some time as I'm looking at a possible bullish position to the upside if prices close above 34.29 while then placing the stop loss at the 10 day low of 32.85 risking around $1,000 plus slippage & commission, however at this point I'm sitting on the sidelines waiting for the breakout to occur.

Soybean oil prices are trading above their 20 and 100 day moving average telling you that the short-term trend is higher as I'm also recommending bullish positions in soybeans and in soybean meal as I think the whole complex has bottomed out as we could be involved in the next couple of days as the chart structure is rather solid at the present time.

Soybean oil has been very choppy over the last 6 months just like many other commodities, however the breakouts will occur eventually as 2017 has been extremely choppy as I don't see that happening in 2018 as these are called commodities for a reason because they can become extremely volatile, but right now volatility is extremely low which can be an excellent situation for a buying opportunity: HIGHER---CHART STRUCTURE: SOLID

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