mikebiz

Soybean Oil still looking bullish

CBOT:BO1!   SOYBEAN OIL FUTURES
Soybean oil             is still looking bullish on both the daily and weekly charts. The 4H chart has its ADX drop to 20 with both +/-DMI below it so some period of price consolidation is expected. However, the last time this type of consolidation happened on 4H chart, there was a big move up on the breakout. With the daily and weekly ADX both looking bullish (ADX above 20 and +DMI on top of -DMI ), I'm looking for a similar move. Watching the ADX on 4H along with price to see what type of pattern forms during this phase and looking to go long on breakout to upside. For weekly chart to continue to look positive, I'm thinking that price should move up near end of week.
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