NCDEX Refined Soya Oil Weekly: Preparation for Next breakout

Report For Week Dated:20/04/2015

NCDEX Refined Soya Oil (Price are in INR (Rs)/10kg)

Traders long and holding the same can keep the stop loss at 563.

Resistance is at higher range of 588-592.

Trend line resistance is also shown in the chart which falls in the resistance of 588-592.

Further breakout and weekly close above 592 can bring about a rally to 627-642.

Soya Oil can get further bullish on breakout and close above 592.

Consolidation between 592 and 544 can happen considering the swing higher bottom at 544.

Correction to 575-561 can be opportunity to accumulation till 544 is not violated.

Buy on breakout and close above 592.

Overall stop loss for short term can be 544.

Traders can take profits at 588-592.

Re-enter long on breakout and close above 592 with low of the week as the stop loss or 582 whichever is lower at the point of breakout.

Preparation for next breakout could be happening.

WEEKLY TREND INFORMATION WITH WEEKLY LEVELS

*Trend will remain Down as long as last close is below the pink color DRV. Trend will be Up as long as Price is above DRV. Positional Traders: If trend is up then traders long can hold long position with weekly closing stop loss of DRV: Close >DRV. If trend is down then traders can hold short position with a weekly closing stop loss of DRV: Close <DRV.

PRICE, VOLUME AND OPEN INTEREST STRATEGY

TECHNICAL INDICATORS TABLE

Disclaimer: There is risk of loss in trading in derivatives and the report is not to be construed as investment advice. The information provided in this report is intended solely for informative purposes. The author, directors and other employees of CC Commodity Info Services cannot be held responsible for the accuracy of the information presented herein or for the results of the positions taken based on the opinions expressed above.