Technical analysis

Soy Wave Analysis 22 September, 2020

Soy Wave Analysis 22 September, 2020

• Soy reversed from support zone

• Likely to rise to 1045.00

Soy recently reversed up from the support zone lying between the support level 1010.00 (top of the daily Shooting) and the 38.2% Fibonacci correction of the upward impulse from the start of this month.

The downward reversal from this support zone continues active intermediate impulse wave (3) – enclosed by the sharp daily up channel from August.

Soy is expected to rise further and re-test the next resistance 1045.00 (top of the previous short-term impulse wave (i)).

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