Soybean Oil Looking Weak

I try not to send out daily newsletters; however, a trader in Asia inquired about my opinion on Soybean Oil, and I trust that it will appeal to several subscribers.

I chose the weekly Soybean oil Futures (Continuous: Current Contract in Front).

As annotated on the chart, the price is below the declining 30-, 40-, and 50- Week Moving Averages making me bearish.

I have labelled my price Target 1 at 49.21.

If Target 1 is reached, I will reassess Target 2 prospects.