- Soy reached buy target 1200.00
- Likely to rise to 1250.00
Soy recently broke above the key resistance level 1200.00 (which was set as the likely buy target in our previous forecast for this instrument). The breakout of the resistance level 1200.00 should accelerate the active short-term impulse wave 5 – which is a sub-wave of the multi-month extended upward impulse sequence (C) from the start of August. The breakout of the resistance level 1200.00 gave the start buy signal for Soy.
Given the strength of the uptrend that can be seen on the daily Soy charts and the strengthening of the risk-on sentiment on the commodities markets due to the expectation of stronger demand in China- Soy is likely to extend the gains toward the next resistance level 1250.00 (target for the completion of the active impulse wave 5).