• Soy rising inside impulse wave 3
• Likely to rise to resistance level 1700.00
Soy continues to rise inside the accelerated upward impulse wave 3 which recently broke through the resistance area lying at the intersection of the round resistance level 1500.00 and the resistance trendline of the daily up channel from January. The breakout of this resistance area greatly intensified the bullish pressure on Soy.
Given the exceptionally strong uptrend and the rising demand expectations from China and the rest of the world amid record breaking cold spring- Soy can be expected to rise further in the active impulse waves 3 and (3) toward the next resistance level 1700.00.