Short Soybean below Rs 3195; target Rs 3160: Sharekhan

Sharekhan has come out with its report on Soybean. According to the research firm, traders can go short on the agri commodity after breaking the low, ie Rs 3195. The commodity is expected to trade with a negative bias for the target of Rs 3160.

Soybean: A weak structure

The following chart is of NCDEX soy bean January contract. We can observe that soy bean has been correcting sharply for the past few trading sessions. It is trading below the crucial supports placed at the 20- and 40-daily moving averages (DMAs). The momentum indicators have a negative crossover. On a longer time frame, ie the weekly chart, last week it had a negative closing near the crucial resistances placed at the 40-weekly exponential moving average.

Traders can go short on the agri commodity after breaking the low, ie Rs 3,195, it had touched in the last trading session. We expect the agri commodity to trade with a negative bias for targets of Rs3,160, which is the daily lower Bollinger Band, and Rs3,100, which a crucial support area. The reversal of the bearish stance is placed above Rs3,274, which is the 20- and the 40-DMA both.

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