Soybean Oil Futures Forms 1-2-3 Bottom

See our previous post – “New Multiyear Low in Soybean Oil – Watch for 1-2-3 Bottom” where we noted a new multiyear low was reached and we were waiting for a 1-2-3 bottom to form.

Looking at the Daily Soybean Oil Futures chart below, we have a potential 1-2-3 bottom and now we will wait for prices to break above the #2 point of 38.30 before initiating a trade to go long in Soybean Oil Futures.  On the Daily chart, a 50% Retracement is 41.54 and on the Weekly chart (see below) the 50% Retracement is 47.41, both giving us plenty of upside profit potential.  Stay tuned.

Daily Soybean Oil - March 2014Weekly Soybean Oil