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Soybean

Soybean price rallied higher strongly yesterday to surpass the important resistance of 6000 level now prices are just trading below key resistance of 61.80% Fibonacci which is at 6104 level a break and hold above same will confirms the extension of the bullish wave, which can drag the prices towards 6460 and above same can test 6900 level while 200DMA on the daily chart as next important resistance. Currently, prices are trading above 50 DMA which is acting as strong support to the prices. Holding above the same might push the price to test 6460 and 6900 levels as mentioned above. Meanwhile, as per the Daily chart, Soyabean prices entered into the bullish zone, hitting an RSI reading of 67, while the uptrend will continue, should avoid sell and be bullish at this level.

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Soybean on NCDEX is currently trading near 6050, prices are expected to trade with a Positive note in coming sessions. Meanwhile, current prices are very well trading above the 50-day moving average and support is also there as prices are comfortably trading above Ichimoku indicators which suggest prices are currently in the positive zone.

Technical Chart

BUY SOYABEAN DEC ABV 6095 SL BELOW 5940 TGT 6220-6360. NCDEX

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