The adjacent chart shows price movement of NCDEX Soy Bean continuous contract. It has been trading in a sideways trend since past few months. It is possibly forming a triangle pattern wherein it has reached lower end of the triangle. The NCDEX Soy Bean has formed a ‘doji’ candlestick pattern which is a potential sign of halt in the current down move. Also, it has addition support of the lower end of the triangle and Bollinger band. Moreover it has multiple supports in the zone of Rs 2992 – 2980. If it manages to hold the support zone then a bounce towards Rs 3132 – 3200 is possible. The momentum indicator is sell mode. Close eye must be kept on NCDEX Soy Bean contract as a good move can be expected in the coming trading sessions.
