Soyabean Upward Move Begins

The adjacent chart shows the price movement of NCDEX Soyabean January contract. Soyabean was seen falling since last few sessions in a channelised manner. Recently it has crossed the resistance trendline around Rs3,700 level as shown in the chart. 

Volumes have picked up on the move up and we expect the price to move towards the upper end of the channel around Rs3,950-3,980 levels where it can face some resistance going ahead. The momentum indicators have turned positive and support the move upward. However on the downside, support for the commodity stand at Rs3,787 and Rs3,680.

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