Technical analysis

Soy Wave Analysis – 19 August, 2020

Soy Wave Analysis – 19 August, 2020

• Soy broke multi-month resistance level 910.00

• Likely to rise to 930.00

Soy continues to rise after the earlier breakout of the key multi-month resistance level 910.00 (former monthly high from March and July).

The breakout of the resistance level 910.00 was preceded by the breakout of the 61.8% Fibonacci correction of the downward impulse from January.

Soy is likely to rise further toward the next resistance level 930.00 (target price for the completion of the active intermediate impulse wave (C)).

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