Sharekhan has come out with its report on Soya oil. According to the research firm, soya oil is expected to trade with a negative bias in the coming trading sessions.
"Soya oil was trading in a range for the past few weeks. In the last trading session it opened gap down on account of contract change. In this process it closed below the crucial support trendline. It has also breached below the 20-and 40-week moving averages (WMAs). The weekly momentum indicator has given a negative crossover. We expect soya oil to trade with a negative bias in the coming trading sessions. Traders can go short on soya oil only below Rs 682, which is the low it touched in the last trading session for the targets of Rs 648 and 628, which are the swing's lows. The stoploss should be placed at Rs 723 (on aclosing basis), which are the 20- and 40-WMAs, says Sharekhan.
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