Wednesday 7 January 2015

REF. SOYA Oil MARKET RISES ON SHORT COVERING, GAIN AT 649.8

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  • Ref.Soya oil trading range for the day is 643-655.
  • Ref.Soyaoil settled up by 0.46% at 649.8 as prices seen supported after the government hiked import duty on edible oil. 
  • At the Indore spot market in Madhya Pradesh, soya oil was steady at 672.35 rupees per 10 kgs.
  • Technically market is under short covering as market has witnessed drop in open interest by -1.24% to settled at 73915 while prices up 2.95 rupee.
  • Now Ref.Soya oil is getting support at 646 and below same could see a test of 643 level, and resistance is now likely to be seen at 652, a move above could see prices testing 655.
CS SOYABEAN (JANUARY) TRADING LEVEL

TREND  MIXED TO BULLISH                  STRATEGY: BUY ON DIPS

RESIST 2:3440 || RESIST 1:3415              SUP1:3355 || SUP2:3320










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