Soy Wave Analysis 23 March, 2021

• Soy reversed from support area

• Likely to rise to resistance level 1450.00

Soy recently reversed up from the support zone set between the support level 1390.00 (former resistance from February – which stopped earlier waves 4, (ii) and A), standing close to the lower daily Bollinger Band.

The upward reversal from this support area created the daily Japanese candlesticks reversal pattern Bullish Engulfing.

Soy is likely to rise further toward the next resistance level 1450.00 (which stopped the previous upward impulse wave 5 at the start of March).