Market Snapshots

Soy Wave Analysis – 4 June, 2020

Soy Wave Analysis – 4 June, 2020

• Soy broke resistance level 860.00

• Likely to rise to 870.00 and 890.00

Soy recently broke above the resistance level 860.00, intersecting with the resistance trendline of the wide daily down channel from the start of March.

The breakout of the above resistance levels coincided with the breakout of the 61.8% Fibonacci retracement of the previous shop downward impulse from March.

Soy is likely to rise further toward the next resistance level 870.00 (top of the previous wave (iv))- the berakotu fo which can lead to further gains toward 890.00.

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