Soybean Oil: An uptrend will start as soon as the market rises above the 73.7 level
|Weekly forecast (October 31 – November 4, 2022)
Uptrend scenario
An uptrend will start as soon, as the market rises above resistance level 73.75, which will be followed by moving up to resistance level 78.18.
Downtrend scenario
The downtrend may be expected to continue, while market is trading below resistance level 73.75, which will be followed by reaching support level 68.16 and if it keeps on moving down below that level, we may expect the market to reach support level 64.05.
Previous week forecast
Monthly forecast, November 2022
Uptrend scenario
An uptrend will start as soon, as the market rises above resistance level 73.75, which will be followed by moving up to resistance level 79.29.
Downtrend scenario
The downtrend may be expected to continue, while market is trading below resistance level 73.75, which will be followed by reaching support level 68.16 and if it keeps on moving down below that level, we may expect the market to reach support level 60.75.
Previous week forecast
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