Soy Technical Analysis Report 02 December, 2020

  • Soy falling inside sharp impulse wave (c)
  • Likely to reach 1125.00

Soy continues to fall inside the sharp downward impulse wave (c), which started earlier from the combined resistance area lying between the round resistance 1200.00 (which was set as the likely upward target in our previous forecast for this instrument), upper daily Bollinger Band and the resistance trendline of the sharp daily up channel from August.

Given the strength of the resistance level 1200.00 and the risk-off sentiment affecting the global commodity markets today – Soy is likely to extend the losses in the active impulse wave (c) toward the next support level 1125.00 (support trendline of the daily up channel from August and the target price for the completion of the active ABC correction 4).



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