Market Snapshots

Soy Wave Analysis – 06 March, 2020

Soy Wave Analysis – 06 March, 2020
  • Soy reversed from round resistance level 900.00
  • Likely to fall to 880.00

Soy recently reversed down with the daily Bearish Engulfing from the round resistance level 900.00 (which has been reversing the price from the end of January).

The resistance zone near the resistance level 900.00 was strengthened by the uptrend line from 2019, upper daily Bollinger Band and by the 38.2% Fibonacci correction of the pervious downward wave (A).

Soy is likely fall toward the next support level 880.00 – the breakout of which can lead to further losses toward the next strong support level 870.00.

Article Rating