Mr_BidAsk
Long

Soybean Oil Setting up for Bullish Channel

CBOT:ZL1!   SOYBEAN OIL FUTURES (CONTINUOUS: CURRENT CONTRACT IN FRONT)
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Bean oil looks as through it is setting up for a nice bullish channel .

A bounce off of the support near 35.08 will confirm its validity and will be a chance to enter long.

A second bullish confirmation will be a move above the 21 day Moving Average

A breakout to the downside will void the idea and the chart will be reassessed.

Would like to see the price challenge the dec high near 38.20, and then head even higher to challenge the top side of the channel.

We will see where bean oil takes us. Trade at your own risk.

Happy Trading!
Comment: bean oil has hit the support, we will look for a move upward here in the next couple of days.

If bullish movement is confirmed tomorrow, will enter into long.
Comment: idea voided, support broke to the downside.
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