Last Updated : December 30, 2009 11:29:45
Downtrend continues in Soybean
AHMEDABAD (Commodity Online): Soybean Jan contract at NCDEX moved down 1.13% this morning after it opened at 2390, made a low of 2355.50 and days high of 2395. Total volume for the day at 11430 lots and open interest at around 135510.
Resistance for Soybean can be seen at 2400 and support levels at 2320. Soybean Futures decreased from 2430 to 2355 in the last 2 days. RSI for Soybean is at 45 and is decreasing on a constant level since last 2 days due to buying pressure.
Traders and investors are likely to cover their short positions ahead of year end, which is expected to push up the prices.
Speculation-led buying is likely to push up the prices. However, the near term trend will remain bearish for the market.
Higher arrival of soybeans to the spot markets and sluggish demand from domestic crushers is likely to pressurize the soybean prices in spot and futures market.
“Technically, Soybean can be long at 2320 with a stop loss of 2280 for target of 2390,” said Hardik Shah, Research Analyst with
Commodity Online.
“Fundamentally, Soybean looks to trade sideways. One can make long position at 2350 levels for long term,” said Shah.
MCX GOLD.995 05 June 2012
contract was trading at
Rs 28259 , up Rs. 139 . What's your view on it?
