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Agri Weekly Report: Motilal Oswal

According to Motilal Oswal, NCDEX Soya bean has trading in upward sloping price channel which indicates strength in the prices of the commodity.

Oct 20, 2020 / 12:43 PM IST

Motilal Oswal's report on Agri Weekly


NCDEX Soya bean has trading in upward sloping price channel which indicates strength in the prices of the commodity. As a result, NCDEX Soya bean is likely to continue its bull run in the shortterm period. On the lower side strong support is placed at Rs.4040while intermediate support is placed at 4120level. On the higher side the commodity is likely to face stiff resistance at Rs.4300 levels. The 14-period RSI sustaining above the mid-level of 50 is indicating strength in price of the commodity.



Outlook


Buying on dips towards intermediate support zone is thus advised with stop loss below 4040 level and for target of Rs.4300 levels.


For all commodities report, click here


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first published: Oct 20, 2020 12:43 pm

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