July 10 CBOT Soybean Oil (BOAH0): BOAH0 is trending higher, within a rising channel, and is following so far the series of Fibonacci extensions drawn in the chart page 1.
There is a strong tendency for July Soybean Oil to rise in March, with the uptrend often started earlier in the year. This was the case 13 out of the past 15 years (see page 2) and this increases confidence in the current uptrend.
Invalidation: A close below 37.90 would be a sign of weakness inconsistent with our bullish scenario. Re-evaluation would be needed.