December soybean oil (ZLZ26) futures present a selling opportunity on more price weakness.
See on the daily bar chart for December soybean oil futures that prices are starting to trend lower and on Monday hit a three-week low. See, too, at the bottom of the chart that the moving average convergence divergence (MACD) indicator is in a bearish posture as the blue MACD line is below the red trigger line and both lines are trending down. The bean oil market has been grinding sideways at higher levels for months, which suggests the bulls have run out of energy to mount another upside campaign.
