Short term marginal Recovery then again Fall expected in Indian Soy oil Market

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.

Some technical bounce back may be seen in the market. Higher levels may result in to fresh selling by the hedgers and speculators.


NCDEX Soy oil April Contract: 
Medium Term Chart View

Short Term Chart View