Technical Outlook & Trading Strategy:-
The price of Soya oil Ref has registered a close above the neckline line resistance level of Rs 641.50 levels on the back of a bullish inverted head & shoulders price pattern on its daily charts.
This augurs very well for the future price movements of soya oil and the price is likely to trade will have a positive bias in the near term to short term.
The key momentum indicators are showing signs of strength in the counter.
We recommend traders to buy between Rs 641--Rs 643.75 levels with a stop loss of Rs 635.25 levels for targets of Rs 650 /Rs 654 levels expected to be achieved over the upcoming 2-3 sessions of trade.
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