• Soy broke key resistance level 1450.00
• Likely to rise to resistance level 1500.00
Soy continues to rise strongly after the price broke above the key resistance level 1450.00 (top of the previous impulse waves (1) and 1)). The breakout of this resistance level 1450.00 accelerated the active impulse wave 3 – which belongs to the intermediate impulse sequence (3) from the end of March.
Given the prevailing daily uptrend and the improved sentiment seen across the commodities markets today – due to the expectations of increased demand from China – Soy can be expected to rise further toward the next round resistance level 1500.00 (target price for the completion of the active minor impulse wave 3).