- Soy broke key resistance level 1160.00
- Likely to rise to 1200.00
Soy continues to rise fall after the earlier breakout of the key resistance level 1160.00 (which stopped the previous sharp upward impulse (iii) at the start of November, as can be seen below). The breakout of the resistance level 1160.00 is aligned with the active extended upward impulse sequence C from the start of August.
Given the powerful multi-month uptrend inside which Soy has been moving from the end of last year – Soy is likely rise further toward the next round resistance level 1200.00 (target price calculated for the completion of the active impulse sequence C). The price will need to break the sharp daily up channel from August to reach this resistance level 1200.00.