CBOT soyoil Daily: Fabulous

Market shut all the way up to close firm at above USD40.00 with a long white candle printed had drawn a bullish picture. Thus, market is likely to challenge the upside target at USD40.77 (high since 3/6/2009) following a significant breakout from the overhead resistance at USD39.18. Immediate downside support is lies at USD39.00 followed by USD38.50-38.00.