NCDEX soybean retraced 61.8 percent of the previous fall. The
61.8percent retracement mark usually acts as a reversal level and the
same looks possible in this case as well. At that key Fibonacci level
soybean has formed a bearish outside bar suggesting that bears are
taking over. The daily momentum indicator has given a sell signal from
oversold territory. Thus unless the high of Rs 4,136 is crossed, the
commodity is expected to fall down till Rs 3,725-Rs3,620 from a
short-term perspective, whereas the medium-term target will be Rs 3,350
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