Market Snapshots

Soy Wave Analysis – 16 July, 2020

Soy Wave Analysis – 16 July, 2020

• Soy reversed from support level 876.30

• Likely to rise to 903.20

Soy recently reversed up from the support level 876.30 (former resistance from the middle of June) – standing near the lower daily Bollinger band and the 50% Fibonacci correction of the previous upward impulse from May.

The upward reversal from the support level 876.30 created the daily Japanese candlesticks reversal pattern Morning Star.

Soy is likely to rise further toward the next resistance level 903.20 (which stopped the previous waves (a) and (c)).

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