Soybean Oil Outlook 4 May 2018
SBO – Daily Chart: Bearish
This will be my first time covering Soybean Oil (SBO).
The news is now investors betting on more grain gains due to the weather threats from the US region to the Black Sea which may cause a decline in stockpiles.
Based on SBO Daily chart, price has been moving within the down channel.
Tenkan-sen has crossed below Kijun-sen and currently acting as a resistance for any upside movement for now.
Nonetheless, if SBO happen to move higher, 31.2-31.34 price zone remains as a sellers zone and expect some selling pressure there.
Based on our Elliott Wave count, SBO is within the wave 5 of (3) of ③.
We expect SBO to break psychological level of 30 and remains below it targeting around $29/lb.
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