Technical: Soya Bean Indore - Sideways Movement To Be Witnessed

Dated 28/03/2017

SOYA BEAN INDORE – last close-2825: Sideways Movement to be witnessed

Monthly Chart

No change of view in relation to previous update has been noticed as movement is still within the sideways band.

Support cluster on the monthly chart is at 2600-2500.

The support cluster of 2600-2500 is created since the year 2012.

Resistance is at 3500-3600.

Resistance gap is at 3200-3500.

Pullback towards the resistance gap is likely in the near term.

Sideways volatility is likely to be witnessed.

Downside momentum is below 2500 closing.

Conclusion

Cover short position at current level or below till 2500 is not violated. Upside momentum is above 3100 closing.