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

Free Fall Continues in Soy oil, Palm Oil and Soybean in Indian Market

On Tuesday morning, Indian vegetable oil complex trades with a negative note due to poor buying interest in the physical markets.

What we mentioned in the earlier posts that market seems heading towards a significant fall in near future seems true.

Confidence is lacking among the buyers while sellers are quite active in the market.

CPO and soybean also looks very weak.

We repeat the technical levels that might be seen in the Indian soyoil futures market in near future.

Current level is 576.

India: NCDEX Soy oil April Contract

S1: 548    S2: 530                   R1: 602           R2: 620 

NCDEX SoybeanApril Contract