• Soy reversed from support area
• Likely to rise to 1200.00

Soy recently reversed up from the combined support area lying at the intersection of the support level 1150.00 (former support from the middle of November- which stopped the previous minor correction (iv)), lower daily Bollinger Band, support trendline of the daily up channel from August and the 38.2% Fibonacci correction of the previous sharp upward impulse from October.

Given the strength of the daily uptrend and the resumption of the risk-on sentiment seen across the commodity markets today (on the start of the mass vaccination in USA) – Soy is expected to rise further in the active impulse wave (5) toward the next round resistance level 1200.00 (top of the previous correction B from November).