Soybean Oil: Will reach above the 54,29 level?
|Weekly forecast (December 14 – 16, 2022)
Uptrend scenario
The uptrend may be expected to continue, while market is trading above support level 60,11, which will be followed by reaching resistance level 67,38 and if it keeps on moving up above that level, we may expect the market to reach resistance level 72,69.
Downtrend scenario
An downtrend will start as soon, as the market drops below support level 60,11, which will be followed by moving down to support level 54,29.
Monthly forecast, December 2022
Uptrend scenario
An uptrend will start as soon, as the market rises above resistance level 69,18, which will be followed by moving up to resistance level 75,94.
Downtrend scenario
The downtrend may be expected to continue, while market is trading below resistance level 69,18, which will be followed by reaching support level 60,11 and if it keeps on moving down below that level, we may expect the market to reach support level 54,29.
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