Ref Soyaoil yesterday traded with the negative node and settled -0.55% down at 583.5 on short selling at higher prices. At the Indore spot market soyoil edged up by 6.1 rupee to 576.9 rupees 10 kgs. In yesterday's trading session Ref Soyaoil has touched the low of 582.3 after opening at 588, and finally settled at 583.5. For today's session market is looking to take support at 580.4, a break below could see a test of 577.2 and where as resistance is now likely to be seen at 588.6, a move above could see prices testing 593.6. Spread between Ref Soyaoil DEC & JAN contracts yesterday ended at 14.30. Spread yesterday traded in the range of 14.3 to 15.

Trading Ideas:

Ref soyaoil trading range is 577.1-593.5.

Ref Soyaoil ended down on short selling at higher prices

Support for ref soya oil is seen at 580.40 level

Ref Soy oil looks to have a resistance at 588.60 level.

At the Indore spot market soyoil edged up  by 6.1 rupee to 576.9 rupees 10 kgs.