Soy recently reversed down from the resistance area lying between the strong resistance level 920.00 (which also reversed the price twice in December), upper daily Bollinger Band and the 50% Fibonacci correction of the previous downward impulse from May.
The downward reversal from this resistance area completed the previous medium-term ABC correction (2) from last month.
Soy is expected to fall further and re-test the next round support level 900.00 – the breakout of which can lead to further losses toward 870.00 (low of the previous impulse (1)).
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