NCDEX Soya Oil Ref June(CMP `649.30):
The price of Soya Oil Ref registered a Bullish Flag breakout during the previous session of trade. The Bullish Flag price pattern is a continuation pattern and suggests that the prices will gain momentum for a fresh up move after a small consolidation. The 8-day moving average also provides good support for the price of soya oil ref on pullbacks. Thus, traders can buy 50% at current levels and again on dips to Rs 646--Rs 644 levels with a stop loss placed below Rs 641.75 levels for targets of Rs 655 and Rs 662 levels.
The price of Soya Oil Ref registered a Bullish Flag breakout during the previous session of trade. The Bullish Flag price pattern is a continuation pattern and suggests that the prices will gain momentum for a fresh up move after a small consolidation. The 8-day moving average also provides good support for the price of soya oil ref on pullbacks. Thus, traders can buy 50% at current levels and again on dips to Rs 646--Rs 644 levels with a stop loss placed below Rs 641.75 levels for targets of Rs 655 and Rs 662 levels.
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