Technical analysis

Soy Wave Analysis 12 May, 2021

• Soy broke round resistance level 1600.00

• Likely to rise to resistance level 1700.00

Soy recently broke the resistance area lying at the intersection of the round resistance level 1600.00 (low of the previous impulse wave (i)) and the resistance trendline of the daily up channel from the start of this year.

The breakout of this resistance area accelerated the active impulse waves (iii) and 3 – which are aligned with the multi-month uptrend visible on the daily Soy charts.

Soy is likely to rise toward the next resistance level 1700.00 (likely price for the termination of the active impulse wave 3).

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