Soybean Oil is looking for a breakout ard 28.10 from the ascending triangle formation based on daily chart. However,if using MACD as indicator to spot the reversal trend it appears that this is not a classical bullish divergence as shown below.
Weakening of US dollar as all the commodities especially crude oil will help push up the prices higher.
Thus,trade soybean oil cautiously with target profit 30.78 & tight stop loss 27.00 with risk reward 1:2.5
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