According to Motilal Oswal, NCDEX Soya bean has broken out of the consolidation zone which indicates strength in the prices of the commodity.
Motilal Oswal's report on Agri Weekly
NCDEX Soya bean has broken out of the consolidation zone which indicates strength in the prices of the commodity. As a result, NCDEX Soya bean is likely to continue its bull run in the short term period. On the lower side strong support is placed at Rs.3990while intermediate support is placed at 4065 level. On the higher side the commodity is likely to target resistance of Rs.4210 - 4300 levels. The 14-period RSI sustaining above the mid-level of 50 is indicating strength in price of the commodity.
Buying on dips towards intermediate support zone is thus advised with stop loss below 3990 level and for target of Rs.4210-4300 levels.
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