Please recollect our earlier post on 12 March 2015.
http://prasoonmathur.blogspot.in/2015/03/short-term-marginal-recovery-then-again.html
We said that after making a marginal recovery, Soy oil market is likely to fall again.
Market did the same. From 12th to 16th March soy oil April contract rose from the level of 574 to the level of 588.30 then again it started falling from 17th March.
Today right now market trades at 571.80 at 10.37 AM IST.
We still stand with our earlier forecast that correction will continue in medium term.
The Technical levels are given below as was described in the post of 12 March.
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http://prasoonmathur.blogspot.in/2015/03/short-term-marginal-recovery-then-again.html
12 March 2015:
Short Term Recovery then
During last 10 days Indian soy oil market has fallen by nearly 4%. (from 600 to 575 level) till date.
Let us review the market movement for next couple of days.
Two things seem still clear --------
1. MEDIUM term Outlook is still BEARISH.
2. SHORT term MARGINAL RECOVERY might be seen
Right Now Soy oil April Contract trades at 576.50 at 12.33 IST.
Some technical bounce back may be seen in the market. Higher levels may result in to fresh selling by the hedgers and speculators.
http://prasoonmathur.blogspot.in/2015/03/short-term-marginal-recovery-then-again.html
We said that after making a marginal recovery, Soy oil market is likely to fall again.
Market did the same. From 12th to 16th March soy oil April contract rose from the level of 574 to the level of 588.30 then again it started falling from 17th March.
Today right now market trades at 571.80 at 10.37 AM IST.
We still stand with our earlier forecast that correction will continue in medium term.
The Technical levels are given below as was described in the post of 12 March.
NCDEX Soy Oil April Contract as on 18 March 2015
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12 March 2015
Short term marginal Recovery then again Fall expected in Indian Soy oil Market
http://prasoonmathur.blogspot.in/2015/03/short-term-marginal-recovery-then-again.html
12 March 2015:
Short Term Recovery then
During last 10 days Indian soy oil market has fallen by nearly 4%. (from 600 to 575 level) till date.
Let us review the market movement for next couple of days.
Two things seem still clear --------
1. MEDIUM term Outlook is still BEARISH.
2. SHORT term MARGINAL RECOVERY might be seen
Right Now Soy oil April Contract trades at 576.50 at 12.33 IST.
Technical levels are given below for MEDIUM and SHORT term.
India: NCDEX Soy oil April Contract
Medium Term Technical Levels
S1: 548 S2: 530 R1: 600 R2: 619
Short Term Technical Levels
S1: 555 S2: 550 R1: 590 R2: 600
Fundamentals have yet not changed. Physical market demand is still not picking up and traders are in wait and watch mode.
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