• Soy reversed from support area
• Likely to rise to resistance level 1450.00
Soy recently reversed up with the daily Morning Star from the support area lying between the key support level 1380.00 (which has been reversing the price from the end of February), lower daily Bollinger Band and the 50% Fibonacci correction of the previous sharp upward impulse from the end of January. The upward reversal from the support level 1380.00 started active minor impulse wave 3.
Given the prevailing daily uptrend and the strength of the nearby support level 1380.00 – Soy can be expected to rise further toward the next resistance level 1450.00 (which has been reversing the price from the start of March).