September 12, 2024
We analyze the weekly soybean oil futures chart, focusing on a head and shoulders pattern that broke the neckline in February 2023, suggesting potential downside to 30.30, 27.50, or even 26. On the daily chart, prices have been rejected at key resistance levels, including the 200-day and 50-day moving averages, with the current consolidation around 40.50. The VWAP confirms sellers are active, and we're in a "no-trade" zone for now. A break below 38.50 would turn us bearish, while a move above 42-43 is needed to turn bullish.
