8.20AM: Soy oil futures saw little activity Tuesday. There is no indication of a change in the supply tightness.
FCPO Aug09 contract is likely to trade within the range of 2550-2650 levels today. Market may open within 2590-2610 levels, today.
FCPO closed at 2598, down 27pts, as market retreated after the recent surge. Market succumbed to profit-taking pressure due to sluggish external markets sentiment.
Market staged a technical intra-day bearishness as corrective sales took place. However, prices managed to hold well above 2550 level. The 13-SMA @ 2550 should be able to provide a good support. The immediate as well as strong resistance is at 2650 level.
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