AHMEDABAD (Commodity Online): NCDEX Soybean March contract opened down at 2092.5 per quintal vs. previous close of 2099.5 after made an intraday high at 2160 fell because of weak soymeal demand and weakness in overseas markets. Currently at 11.32 am, the contract traded at 2084 down by 15.5rupees.
Soybean futures on electronic CBOT extend yesterday’s losses on Dollar strength.
“Technical range for Soybean is from 2100-2220,” said Shyamal Mehta, Sr. Commodity Analyst with Commodity Online.
14 days RSI for Soybean Mar contract is 43.5 and it rises declining. Currently Soybean is trading below 7, 10 and 14 days weighted moving averages which signal down trend.
