Soy Wave Analysis 30 November, 2020
November 30, 2020 @ 18:43 +03:00
• Soy reversed from long-term resistance level 1200.00
• Likely to correct down to 1200.00
Soy recently reversed down from the key resistance level 1200.00 (former multi-year high from the middle of 2016) intersecting with the upper daily and weekly Bollinger Bands.
The downward reversal from the resistance level 1200.00 started the active short-term downward impulse wave (i).
Given the strength of the resistance level 1200.00 and the overbought daily RSI – Soy is expected to fall further toward the next support level 1160.00 (target price for the completion of the active impulse wave (i)).