Technical: Soybean Indore Spot : Trend Is Still Down

Dated 27/10/2017

SOYA BEAN INDORE – Last Close 2650- Trend Is Still Down



Trend is down and is in bear market.

Prices are below both the averages and 55VA is below 89 VA.

Support is being witnessed 2400 and can further be seen at 2200.

Reversal will be seen only above 3150 closing and till then any rise to averages of 2813 and 2906 are resistance for exiting long position.

Supply will be seen till 3150 is not crossed on the rise.

Accumulation process may be seen at 2400 -2200 or at 1800-1700.

For the time being expect 2400-2200 to provide support unless sharp fall below 2200 is witnessed.

Bounce and recovery can be expected from lower level from 2400-2200 till the low of 2200 is not violated.

Conclusion
Trend down and support to be tested.