Soybean Oil (Neutral so far)

Oct 21, 2021

We can't be sure at this point that in the short term soy bean oil is going to continue to move up even though we had multiple 1h tests on a major 1D prior LH level from above.We can spot an ascending channel on the daily time frame, in which the price is near the top line. In the previous 2 occasions when the price reached this level it promptly corrected down to the lower line of the channel. The volume is also dcreasing on this occasion, looking more and more like a reversal. If however, we breakout of the top of the channel in the near term with a confident test from above, a potential Long trade is possible.