After trading in a range bound to positive territory for the last 4-5 days, it appears that market is getting enough resistance on current levels in soy oil futures market in India.
we may go wrong in our view, but as we mentioned in our earlier posts that 591 is the major resistance for short term. And till now market was not able to close above this level in NCDEX Soy oil April Contract.
And today if market close near 584-585 level, then there are quite fair chances that market may start coming down again towards the levels below 560.
At the same time if market is able to close above 591 level then movement towards 600 may be seen in short term.
However likelihood of correction is very high.
we may go wrong in our view, but as we mentioned in our earlier posts that 591 is the major resistance for short term. And till now market was not able to close above this level in NCDEX Soy oil April Contract.
And today if market close near 584-585 level, then there are quite fair chances that market may start coming down again towards the levels below 560.
At the same time if market is able to close above 591 level then movement towards 600 may be seen in short term.
However likelihood of correction is very high.
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