• Soy reversed from resistance zone
• Likely to fall to support level 120.00
Soy continues to fall after the price reversed down from the combined resistance zone lying between the pivotal resistance level 1250.00 (which has been reversing the price from the start of October) and the upper daily Bollinger Band. The downward reversal from this resistance zone stopped the previous short-term impulse wave 1 – which belongs to the higher order impulse wave (1) from the middle of October.
Given the improvement of the risk sentiment as seen across the global commodities markets, Soy can be expected to fall further toward the next round support level 120.00 (which stopped the previous short-term impulse wave 5 in the middle of October).