Soya Oil Downtrend to Resume

From the below chart of Soya Oil (Daily continuous contract), prices are precisely moving in a small falling red channel. On Friday, prices closed below the previous low of 658.05 made on 3rd October 2017 thus opening negative possibilities. Prices are now moving in a lower high and lower low formation. The possibility for prices to test 650 followed by 640 is likely in near term. However, RSI is near to over sold zone and can dip further if prices continue to move lower.
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