Technical: SOYA BEAN MEAL INDORE - Down Trend Likely To Continue

Dated 24/12/2016

SOYA BEAN MEAL INDORE - Down Trend Likely To Continue

The monthly spot prices chart of Soya Bean Indore has shown a breakdown in last couple of months.

The projection target zone for Wave (c) of Wave B as shown in the chart is at 19800.

The last breakout seen in the year 2012 was from 18200 and the same is now likely to offer support at lower level as the price are looking to continue the slide down.

The consolidation band before the breakout in 2012 is 15200 to 18200.

Therefore, lower target levels for near term to short term can be 19800-18200-15200.

Resistance is at 23200-24200-25000.

Conclusion

The trend is down and prices are likely to drift down to 19800-18200 at least and may extend down to 15200 depending on the speed fall.

Reversal for short to medium term pullback is above 25000 and till then objective remains to exit long and sell or distribute.