Technical analysis

Soy Wave Analysis – 01 November, 2019

Soy Wave Analysis – 01 November, 2019
  • Soy reversed from support zone
  • Likely to rise to 944.00

Soy recently reversed up sharply from the support zone lying between the key support level 920.00 (former multi-month resistance level which has been reversing the price from February), lower daily Bollinger Band and the 38,2% Fibonacci correction of the previous upward impulse from September.

The upward reversal from this support area started the active short-term impulse wave (v).

Soy is expected to rise further and retest the next resistance level – 944.00 (which stopped the previous waves (iii) and (b)).

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