Ref Soyaoil yesterday traded with the negative node and settled -0.6% down at 584.1 suffering profit booking, though the start of the commodity was good on the back of fresh buying and positive cues from the CBOT Soya complex. But there was some price pressure at the Soyabean and that too has weighed on the soya oil prices. At the Indore spot market soyoil edged down by -3.7 rupee to 573.8 rupees 10 kgs. In yesterday's trading session Ref Soyaoil has touched the low of 581.1 after opening at 585, and finally settled at 584.1. For today's session market is looking to take support at 581.1, a break below could see a test of 578.2 and where as resistance is now likely to be seen at 587, a move above could see prices testing 590.

Trading Ideas:

Ref soyaoil trading range is 578.4-590.2.

Ref Soyaoil ended weak due to profit booking

Support for ref soya oil is seen at 581.80 level

Ref Soy oil looks to have a resistance at 587 level.

At the Indore spot market soyoil edged down by -3.7 rupee to 573.8 rupees 10 kgs.