Ripples Advisory, Near-term correction likely in NCDEX refined soya oil
Soya oil prices have been in a strong uptrend since April last year. The refined soya oil futures contract on the National Commodity and Derivatives Exchange (NCDEX) made a low of ₹605.4 per 10 kg in April last year, and has been on a strong upmove since then. The contract surged a whopping 31.5 per cent from this low to record a multi-year high of ₹796.35 on March 6. The prices have come-off slightly from this high and is currently trading at ₹775 per 10 kg.
Outlook
The price action over the last one week indicates that the NCDEX-refined soya oil contract could have recorded a short or medium-term high recently and is in a down move. The strong break below ₹780 on Monday indicates that a corrective fall is on the cards in the near-term. The region between ₹780 and ₹782 may now act as a good resistance for the contract. Intermediate bounce to this resistance region may find fresh sellers coming into the market. As long as the contract remains below ₹782, the near-term outlook will be negative. Intermediate support is at ₹770, a break below this level can trigger a fall to ₹760 in the coming days.
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