AHMEDABAD (Commodity Online): Soy oil Prices at NCDEX, December contract saw some fresh buying at lower levels and continues uptrend in today’s trading session as well.
It opened positive at 638.95 per 10k.g and after making an intraday low at 637.30 it started trading upside and made an intraday high at 644.75 and still expected to trade up side.
Expectations of the revival in edible oil demand from china kept the prices positive.
Supply disruptions in palm might shift the buyers towards Soy oil which also supported positive market sentiments.
Surge in Crude oil prices also lent support to Soy oil prices.
Soy oil Prices at NCDEX, December contract expected to test the resistance of 649 from current level.
Technically, 14 days RSI on Daily chart at 60 indicates upside trend in near future.
Volume also support the uptrend in Soy oil.
‘’Intraday traders can look for the opportunity to buy at lower levels”, said Milan Shah, Commodity Analyst with Commodity Online.
