Soy Technical Analysis Report 04 November, 2020

  • Soy reversed from support zone
  • Likely to rise to 1093.00

Soy previously reversed up sharply with the daily Japanese candlesticks reversal pattern Morning Star from the  support zone located between the support level 1045.00 (which also previously formed the daily Morning Star at the start of October, as can be seen below), lower daily Bollinger Band and the 38.2% Fibonacci retracement of the upward impulse from the end of September. The upward reversal from this support area started the active short-term impulse wave (iii).

Given the strongly bullish multi-month trend inside which Soy has been moving from April – the price is expected to rise further toward the next resistance level 1093.00 (top of the previous Japanese candlesticks reversal pattern Shooting Star from the end of October).

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