Soy beans on wooden spoon
• Soy broke daily up channel
• Likely to fall to 986.00
Soy continues to fall inside the sharp downward correction 4, which started earlier with the daily Bearish Engulfing from the key multi-month resistance level 1040.00.
The price today broke the support trendline of the daily up channel from August – which should accelerate the downward movement of this instrument.
Soy is expected to fall further toward the next support level 986.00 (low of the previous short-term correction (iv) and the target price for the completion of the active wave 2).
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