Technical: Soya Oil Indore - Trend Line Support Being Witnessed

Dated 12/06/2017

Trend line support is being witnessed for last 2 months.

Support is at 620-615.

Downside momentum could be seen if 615 is violated at closing.

Lower top is at 640 on weekly chart.

A rise and close above 640 can trigger a pullback.

For the time being the range of movement is 640-615.

On fall and close below 615 expect the next support levels at 610-605-600.

Further fall will take the price to 585.

Currently, the price are at support of 616-620 for last 2 month.

If the recovery has to come in price then it could be now or gradually slide to lower levels.

Reversal will be confirmed if close is above 640 on sustained basis.

Conclusion

Near term pullback to resistance of 640 possible if immediately does not fall below 615.

Sell and downside momentum is below 615.