Soy beans on wooden spoon
• Soy reversed from long-term resistance level 1200.00
• Likely to correct down to 1200.00
Soy recently reversed down from the key resistance level 1200.00 (former multi-year high from the middle of 2016) intersecting with the upper daily and weekly Bollinger Bands.
The downward reversal from the resistance level 1200.00 started the active short-term downward impulse wave (i).
Given the strength of the resistance level 1200.00 and the overbought daily RSI – Soy is expected to fall further toward the next support level 1160.00 (target price for the completion of the active impulse wave (i)).
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