Technical Outlook & Trading Strategy:-
The price of Soya Oil Ref witnessed a sharp correction from the highs of Rs 665.05 levels towards its key support levels of Rs 630—Rs 632 levels.
The key observation to be made is that the smart up move witnessed during yesterday’s session has helped the price of Soya Oil Ref to close above its downward sloping trend line which had been acting as stiff resistance on pullbacks.
The momentum indicators have also come out of their oversold zone.
Traders can look to buy between Rs 642--Rs 637 levels with a stop loss of Rs 633.75 levels for upside targets of Rs 646 / Rs 651 levels.
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