SOYOIL

There was a buying opportunity in Soyoil on Friday around 37.75.  This level contained a 78.60 retracement and a 361/261 fib extension cluster.  The two main structures both had deep retracements and left handed skewing, which signifies a weak downward move.  You could either buy in this area with a stop below the 36.70 swing low from Feb or if you wanted a tighter stop placed it below 37.40.  The best place would've been below the Feb swing low.  Due to the deep retracements you should get a good bounce higher.  First target area should be around 39.25-39.50.  Second target area should be around 40.75 (78.60 zone) and final target area should be around 42.65 (127% zone).