- Soybean Feb prices have recovered strongly in the previous month from its low of 2804 after taking strong support near its previous multiple top bottoms placed around 2750 level (As shown in the chart)
- Prices have made a higher bottom in the previous month and gave a breakout from its declining trend line resistance in this month.
- Volumes have increased significantly during last month which is indicating a strong buying participation at current levels.
- Monthly RSI (14), which is currently around 48.52 level, has given a breakout from its declining trend line resistance, while Weekly RSI (14) is moving around 58.30 level.
- Monthly MACD (12, 26, 9) has given a positive crossover (Histogram: 12.51) indicating a Bullish momentum to continue in the medium term.
- Prices are expected to rise towards next strong resistances placed around 38.2% & 50% Fibonacci retracements of its fall from high of 4370 till low of 2713, which are placed around 3346 & 3542 levels respectively.
- Therefore, we recommend Buying Soybean Feb contract at CMP 3170 for Target of 3540 with Stop Loss of 2985.
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