Technical analysis

Soy Wave Analysis – 05 August, 2021

• Soy reversed from support level 1325.40

• Likely to rise to resistance level 1450,00

Soy recently reversed up from pivotal support level 1325.40 (which has been reversing the price from the start of this year) – strengthened by the lower daily Bollinger Band.

The upward reversal from this support zone stopped the previous short-term impulse wave 3.

Given the clear daily uptrend – Soy can be expected to rise further toward the next resistance level 1450,00 (top of the previous minor correction 2 from the end of July.

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