Technical Outlook & Trading Strategy:-
The price Soya Oil Ref has given a pullback from the highs of Rs 659.45 levels as on 14th Sep,2011 towards its key moving average clusters support placed between the Rs 648 to Rs 649 levels .
Moreover, the important observation to be made is that the price has made a bullish hammer pattern on the moving average cluster support.
A sustained move past the Rs 650.50 levels will see the price of soya oil rally towards the Rs 654.25 / Rs 660 levels.
Thus, we recommend traders to buy on a break above Rs 650.55 levels with a stop loss placed below Rs 646.80 levels for upside targets of Rs 655 / Rs 660 levels.
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