As mentioned in the earlier post, soy oil futures are finding it difficult to sustain on higher levels despite the improved physical market demand.
Yesterday market witnessed sharp recovery but it was mainly due to short covering after a significant fall during past few days.
It is expected that if NCDEX Feb contract slips again below 615 level then market may correct to new recent low. Thus those maintaining buy positions should think again if 615 level is breached.
If 615 is broken and tonight market close below it, then 605 may be seen. If 615 does not break, then market may again recover.
However possibility of downward movement is high.
Today Soy oil Feb Contract made a high of 628.50 but could not sustain and fresh selling pressure dragged prices down. Right now market trade at 619 level.
Yesterday market witnessed sharp recovery but it was mainly due to short covering after a significant fall during past few days.
It is expected that if NCDEX Feb contract slips again below 615 level then market may correct to new recent low. Thus those maintaining buy positions should think again if 615 level is breached.
If 615 is broken and tonight market close below it, then 605 may be seen. If 615 does not break, then market may again recover.
However possibility of downward movement is high.
Today Soy oil Feb Contract made a high of 628.50 but could not sustain and fresh selling pressure dragged prices down. Right now market trade at 619 level.
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