• Soy broke resistance zone
• Likely to rise to resistance level 1500.00
Soy continues to rise after breaking through the key resistance zone lying between the pivotal resistance level 1425.50 (top of the previous upward correction from the end of June) and the 38.2% Fibonacci correction of the downward impulse from the start of June. The breakout of this resistance zone continues the active upward correction (ii) from last month.
Given the prevailing daily uptrend and the improvement in demand expectation for soy – the price can then be expected to rise further toward the next round resistance level 1500.00 (former support from April and May).