Soy Wave Analysis 16 December, 2020

• Soy rising inside impulse wave (c)

• Likely to reach resistance level 1200.00

Soy continues to rise inside the minor impulse wave (c) which started earlier from the key support level 1145.00 (which also reversed the price at the start of December and November).

The support area near the support level 1145.00 was strengthened by the lower daily Bollinger Band and by the support trendline of the sharp daily up channel from August.

Soy is expected to rise further toward the next resistance level 1200.00 (top of the previous minor impulse wave 5 from November).