Technical: Soy Meal Indore - Expect Pullback Towards Drv

Dated 29/03/2017

Monthly Chart

Trend is down on weekly chart as price is below the DRV as shown in the chart.

Swing bottom appears to be in place as per bias theory.

Support around the lower channel line is holding the slide therefore minor pullback towards DRV is likely till 22500 is not violated.

DRV is around 26800 and the same is likely to be tested.

Conclusion

Swing bottom appears to be in place which indicates that near term rise towards DRV is possible. Sustainability could still be an issue at higher range as the trend is down. Trend is down because closing is below DRV. DRV is around 26800.