Technical analysis

Soy Wave Analysis – 23 October, 2019

Soy Wave Analysis – 23 October, 2019
  • Soy reversed from resistance zone
  • Likely to fall to 920.00

Soy recently reversed down from the resistance area lying between the resistance level 944.00 (which stopped the previous impulse wave (i)) and the upper daily Bollinger Band.

The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Shooting Star.

Soy is expected to fall further and retest the next support level 920.00 (former strong resistance from June and July, acting as support after was broken at the start of October).

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