AHMEDABAD (Commodity Online): Soy oil Prices at NCDEX, September contract saw some selling pressure in today’s trading session and continues down trend today as well.
It opened negative at 656.45 per 10k.g and after making an intraday high at 657.50 it started trading downside and made an intraday low at 651.60 and still expected to trade down side.
In domestic markets bulk demand for the edible oil is gradually decreasing which is having negative impact on prices.
Weak crude oil futures also added bearish tone in the domestic oilseeds market.
Technically, 14 days RSI on Daily chart at 42 indicates downside trend in near future.
‘’Intraday traders can look for the opportunity to Sell at higher levels”, said Milan Shah, Commodity Analyst with Commodity Online.
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