Technical: Soya Bean Meal Indore- Support Seen At Lower Levels

Dated 12/06/2017

Monthly Chart

The band of movement is 26000-22500.

For near term expect 26000 to be tested.

Lower top is at 26000 and reversal for medium to long term is above 26000.

Trend is down and sideways in a band for last few months.

Price are at the lower side of the zone for long term angle.

Indicators are at lower side.

If reversal above 26000 is witnessed then rally for medium to long term is likely.

Downside could be limit can be restricted to 22500.

A fall and close below 22500 can extend the slide to 18200.

Conclusion

Range bound movement between 26000-22500 is expected with momentary bias to test 26000.