The Soybean Oil instrument has generated a bullish P&F Breakout on the automated scanner. This follows the move through 32.40 on Thursday. The price of the contract has lifted off the floor of the short-term trading range. This action revives the basing theory, which would be strengthened on a move through the 50-day moving average. Still, we would prefer to wait for a break over the band highs, at 33.83 before considering longs.
The Soybean Meal and Soybeans contracts appear on the 'Gainers' list with +4.3% and +3.2%, respectively. The former retests recent intraday resistance at 353.60; at the 200-day moving average. A clearance will surely lead to a challenge upon the July/early-September band highs at 366.60. We would point out, though, that the RSI is at a high level, indicating the onset of an overbought state.
The latter also produced a 'Bull' P&F Breakout signal yesterday, at 967.5. The Candlestick chart reproduced here shows the price extending up form the oversold floor near 900, edging over downtrend resistance at the shorter-term MA to test the psychological 1000 level.