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soyabean

Uptrend intact in NCDEX soyabean

The soyabean prices continue to hover at higher levels. Though the prices of the oilseed began to fall from late January this year, the correction was short-lived and it ended in the first week of February.
The Soyabean futures contract on the National Commodity and Derivatives Exchange (NCDEX) made a high of ₹3,849 per quintal on January 30.

After tumbling about 11 per cent in just one week, the fall, however, halted at a low of ₹3,416 on February 6. The contract has reversed higher again from there recovering all the loss and is currently trading at ₹3,856/quintal.

Outlook

The support in the 3,450-3,430 zone has held well. The contract has reversed higher after making a low of ₹3,416 last month. This keeps the overall uptrend that has been in place since November intact.

Immediate resistance is at 3,900. Inability to break this hurdle can trigger an intermediate pull-back move towards ₹3,700 or even ₹3,600 in the near-term. But further fall below ₹3,600 looks less likely at the moment.

As such the contract can remain range-bound between 3,600 and 3,900 for some time.

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