Technical Outlook & Trading Strategy:-
The price of Soya oil has registered a symmetrical triangle pattern breakout on its weekly charts. A breakout form the symmetrical pattern after an upmove signifies that the prices are now ready for a fresh upmove after consolidating within the triangle.
Moreover, the recent rise from the levels of Rs 630-Rs 632 has been on the back of steady rise in volumes, which is an indication of buying interest in the counter. We believe that the price of soya oil can now test upside levels of Rs 670 / Rs 676 levels over the upcoming few sessions of trade.
We recommend traders to 50% at current levels and again on dips to Rs 661—Rs 659 levels with a stop loss placed below Rs 655.20 levels for initial upside target of Rs 670 and later followed by Rs 676 levels.
No comments:
Post a Comment