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Soya Oil Reversal after an overthrow


From the below chart of Ref Soya Oil (Daily continuous contract), prices closed above the resistance of the channel but the positive momentum could not sustain which resulted the prices to move back within the rising channel formation. Now the possibility for prices to correct is likely. The first support comes to 660 levels which is the previous consolidation zone followed by 650-645 levels where the support of the channel is placed. RSI have changed the direction from positive to negative.
 
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