Soy Wave Analysis – 12 November, 2019
November 12, 2019 @ 17:16 UTC
- Soy trading close to support area
- Likely to rise to 944.00
Soy recently corrected down and is currently trading close to support area lying between the support level 917.00 (low of wave (ii)) and the 50% Fibonacci correction of the previous upward impulse from September.
If the price breaks this support zone – Soy can then fall further to the next strong support level 880.00.
In the alternative scenario, Soy is expected to reverse up from the current support area and retest the next key resistance level 944.00