• Soy rising inside impulse wave (3)
• Likely to rise to resistance level 1605.00
Soy continues to rise inside the intermediate impulse wave (3) – which started earlier from the support zone lying between the key round support level 1500.00, upper trendline of the recently broken up channel from January (acting as the support after it was broken by the previous impulse wave (1)) and the 50% Fibonacci correction of the previous impulse wave (1) from the start of April.
Given the strong daily uptrend – Soy can be expected to rise further toward the next resistance level 1605.00 (top of the previous intermediate impulse wave (1)) – the breakout of which can lead to further gains toward the resistance level 1650.00.
