Commodity Trading Tips for Ref Soyaoil by KediaCommodity

Commodity Trading Tips for Ref Soyaoil by KediaCommodityRef Soyaoil yesterday traded with the positive node and settled 0.22% up at 609.45 on renewed weakness in spot market and rising arrivals. In India festive season is going on and physical market demand is good these days. It is expected that market will witness buying support on current levels. International market sentiments does not improve which in turn negatively impact the Indian market too. It is believed that on current price fresh buying interest will be seen in the market but long term sustainability on higher levels is still doubtful. Physical markets may also witness the same trend because festive season is going on and demand continues to remain there. Sentiments in the international markets are still not very encouraging and possibility of some more correction can’t be overruled. In yesterday's trading session Ref Soyaoil has touched the low of 604.7 after opening at 609.5, and finally settled at 609.45. For today's session market is looking to take support at 605.9, a break below could see a test of 602.3 and where as resistance is now likely to be seen at 611.8, a move above could see prices testing 614.2.

Trading Ideas:

Ref soyaoil trading range is 602.3-614.2.

Ref. soyoil ended down on renewed weakness in spot market and rising arrivals

It is expected that market will witness buying support on current levels.

Ref soyoil looks to take support at 605.90 and resistance at 611.80 level.

At the Indore spot market soyoil edged down by -2.15 rupee to 621.2 rupees 10 kgs.