Technical analysis

Soy Wave Analysis – 24 December , 2018

Soy Wave Analysis – 24 December , 2018
  • Soy broke daily up channel
  • Further losses are likely

FxPro analyst said that Soy continues to fall inside the short-term corrective wave (ii), which started earlier from the resistance zone lying between the key resistance level 910.00 (monthly high from July), upper daily Bollinger Band and the 38.2% Fibonacci correction of the previous sharp downward impulse from April.

Soy yesterday broke the support trendline of the daily up channel from the end of October – which strengthened the pressure on this instrument.

Soy is expected to fall further and re-test the next support level 860.00 (low of the previous short-term corrections (a) and (c)).

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