Soybean Oil looks like it is consolidating price short term as the ADX has dropped below 20 on 4H chart. However, the monthly, weekly, and daily charts look bullish.
Once price breaks out of the consolidation on 4H chart, I'm looking for it to move higher. The daily and weekly charts have price moving up over the 9/20/50 period EMA with monthly looking like it could follow. Close attention should be paid to the 4H chart to see how ADX behaves and if the +DMI pulls through -DMI if price begins to move up and pull ADX up with it.
Once price breaks out of the consolidation on 4H chart, I'm looking for it to move higher. The daily and weekly charts have price moving up over the 9/20/50 period EMA with monthly looking like it could follow. Close attention should be paid to the 4H chart to see how ADX behaves and if the +DMI pulls through -DMI if price begins to move up and pull ADX up with it.