Technical analysis

Soy Wave Analysis 14 October, 2020

Soy Wave Analysis 14 October, 2020

• Soy reversed from support area

• Likely to rise to 1080.00

Soy recently reversed up from the support zone lying between the support level 1030.00 (former resistance level from September), 50% Fibonacci correction of the upward impulse (i) from last month and the lower daily Bollinger Band.

The upward reversal from this support zone started the active impulse wave (iii) – which belongs to extended upward impulse wave C from August.

Soy is likely to rise further toward the next resistance level 1080.00 (which stopped the previous impulse wave (i)).

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