2/11/2017
Soyoil Jan 18
yesterday close: 35.06 +0.22
US Soyoil inched higher yesterday ahead of USDA export sales report today, pushed up by the possibility of another downgrade to US soy yield estimate in a monthly report next week.
Based on hourly chart Fibo analysis, soyoil price now testing 0.236 Fibo level, around 35.28 previous high. Technical indicators (RSI, MACD, BB) crossing up, may push soyoil price higher.
Price level to watch out today:
Resistance 35.28 35.62
Support 34.84 34.35
Recommended trading plan today:
1. Watch out for further entry signal.
Margin requirement (per lot)
USD 797.50
Disclaimer: Idea sharing only, trade at your own risk