Dated 15/12/2017
Soybean Indore Spot – Last Close 2937.5- Trend Up And Consolidating
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Trend is up as prices have moved up above the averages marginally.
The 55 VA is below 89 VA and is still in bear market composition.
Resistance is at 3075.
On sustained rise above 3075 a near term rally can resume.
Expect sideways movement and consolidation at current level or at 2600.
Conclusion
Consolidation around 2600 likely breakout above rally above 3075 as pullback within down trend is being witnessed with lower top and lower bottom formation.
Trend averages basis turned up but sideways and needs breakout confirmation above 3075 therefore consolidation from current level to 2600 could be happening.
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