Adjacent chart shows price movement of NCDEX Soy Oil continuous contract. It has been in corrective mode after hitting the high of Rs 744. However, it is now approaching multiple support zones. Also, the 61.8% retracement of previous up move is pegged at Rs 669. Therefore, the zone of Rs 673-669 will act as crucial support zone in the near term. Also, there is positive divergence witnessed in the momentum indicator. A bounce in NCDEX Soy Oil contract is possible in the near term. However, if it breaks and closes below Rs 669 then further downside towards Rs 665-657 is likely
