Soyabean: Higher price action in near term

Market Roundup

Soya bean market opened flat and moved down to hit new intraday lows during the session. The market finally closed in red.

Fundamental Outlook

China, the world’s biggest importer of soybeans, is canceling orders as demand for feed meal drops in the economic slowdown, two Chinese market researchers said.

The market is tracking the global oil seed markets and is expected to move up as the global market s are in over sold zone and the above factors are supportive for higher price action in the near term.

Arrivals were reported at around 2,200 quintals in Indore mandi today.

Technical Outlook

A bearish spinning top formation has formed which can push the price towards the trend line support on the lower side. The MACD being in the positive zone is supportive for higher price action and is also supported by the close above the moving averages.

Courtesy: Motilal Oswal Commodities Broker Pvt. Ltd.

Widest range of financial loans, simple and convenient EMIs