NCDEX Ref. Soy oil has completed wave E of a bullish triangular pattern in its wave X, hence the swing low of wave C i.e. 691 is now a crucial support and till that is held there remains a high possibility of prices inching higher. The breakout though will be confirmed above 718 levels, so one can add more long positions above it. Also, the price is moving in an upward channel and once the breakout is achieved it is expected to touch the upper end of the channel i.e. till 750 levels. The risk-reward ratio is quite in favor of the bulls from hereon, so we recommend initiating long position for a target of 750 with a stop loss of 689.75.
Investment Strategy: Ref. Soy oil
NCDEX Ref. Soy oil: Buy 1 lot of January contract at cmp: 704.75 target 750 with stop loss 689.75.
Risk/return ratio: 1: 3
Risk in Rs. 15000 (on 1 lot)
Return in Rs. 45250 (on 1 lot)
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Buy NCDEX Ref Soy oil Jan at Rs 704.75; SL 689: Way2Wealth
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