Soy Technical Analysis 20 October, 2021

• Soy reversed from support area
• Likely to rise to resistance level 1300.00

Soy continues to rise inside the minor corrective wave 4, which started earlier when the price reversed up with the daily Morning Star from the support area located between the round support level 1200.00, lower daily Bollinger Band and the support trendline of the daily down channel from the end of August.

Given the improvement in risk sentiment seen across the commodities markets today, Soy can be expected to rise further toward the next resistance level 1300.00 (former resistance from September and the target price for the completion of the active corrective wave 4).

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