EPIC RESEARCH NCDEX REFSOYAOIL UPDATE OF 12 JULY 2016

The adjacent chart shows price movement of NCDEX soya oil continuous contract. It has been oscillating about the key daily moving averages, which has taken form of a triangular pattern. Recently the price faced resistance near the upper end of the pattern and has started falling down. Currently the agri-commodity is sitting at the lower end of the pattern and looking to breakout on the downside. The daily momentum indicator has triggered a bearish crossover. Once the immediate support of Rs623 breaks the oil can tumble down to Rs615-606. On the other hand, Rs637 will act as a crucial short-term resistance.For more information ✆ - 0731-6642300 Visit http://www.epicresearch.co