Market Snapshots

Soy Wave Analysis – 07 Janaury, 2019

Soy Wave Analysis – 07 Janaury, 2019
  • Soy broke resistance area
  • Further gains are likely

Soy continues to rise after the earlier breakout of the resistance area lying between the key resistance level 923.0 (which also stopped the previous waves 3 and 5, as can be seen below) and the 50% Fibonacci correction of the previous sharp onward impulse from last May.

The breakout of this resistance area strengthened the bullish pressure on this instrument.

Soy is expected to rise further and re-test the next resistance level 940.00 (former multi-month support from the start of 2018).

Source: FxPro

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