Soyoil
25 Oct - Soyoil, Watchout for Potential Correction
InvestorsDoctor
Publish date: Wed, 25 Oct 2017, 05:24 PM
InvestorsDoctor
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25/10/2017
Soyoil Jan 18
yesterday close: 34.47 -0.3
US Soyoil closed lower yesterday as soybean's crop progress report showed harvest catching up across the US and The US Commerce department set yesterday anti-dumping duties on Argentine and Indonesian imports of biodiesel.
Based on hourly chart Fibo analysis, soyoil price as mentioned yesterday took a correction from RSI overbought and outside of upper BB, which is also 0.382 Fibo level of current swing. Technical indicators turn down, signaled that soyoil price may go for further correction.
Price level to watch out today:
Resistance 34.79 35.19
Support 34.44 34.21
Margin requirement (per lot)
USD 797.50
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