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.
The momentum indicators of soya oil are also trading in buy mode.We recommend traders to buy 50% at current levels and again on dips to Rs 665—Rs 663.50 levels with a stop loss placed below Rs 660.90 levels for upside targets of Rs 675.50 and followed by Rs 678 levels.
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