Bullish potential for Soybean Oil

Soybean Oil is technically-speaking the most interesting agricultural commodity, according to Riccardo Ronco, Head of Technical Analysis at Aviate Global in London.

Ronco says the 50-day moving average for the December contract has moved above the 100 and 200 day moving averages for the first time in several months. He says to look for bullish breakouts going forward.

A long above the June resistance at 35 could target 38 and thereafter 41 (cents per pound).

See chart.