• Soy rising inside impulse wave (5)
• Likely to reach resistance level 1437.81
Soy continues to rise inside the sharp medium-term upward impulse wave (5) which started recently from the support area lying between the round support level 1300.00, lower daily Bollinger Band and the 50% Fibonacci correction of the sharp upward impulse from the start of December. The upward reversal from this support area is aligned the multi-month uptrend inside which the price has been trading from the start of last year.
Given the improvement in the risk sentiment as can be observed across the commodities markets today – Soy is expected to rise further in the active impulse wave (5) toward the next resistance level 1437.81 (top of the previous impulse wave (1)).