Ncdex Soya Oil Inching higher

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From the below chart of Ncdex Soya Oil (Continuous contract), prices have re-entered the falling channel and it is persisting within. As the agro commodity is now above the 20 EMA (blue) the possibility for the price to move above 50 SMA (black) is likely and can possibly test the resistance of the channel over a short term. RSI is positively poised and can move higher going ahead. Prices can test the level of 765 followed by 780 over short to medium term. However, break of 740 will discontinue the short term positive formation.

Soya Oil

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