• Soy reversed from support zone
• Likely to rise to resistance level 1425.00
Soy recently reversed up from the support zone lying between the key support level 1335.00 (which has been reversing the price from February) and the lower daily Bollinger Band. The upward reversal form this support zone stopped the previous sharp downward impulse wave C of the ABC correction (2) from the start of May.
Given the strong daily uptrend and still oversold reading on the daily Stochastic indicator – Soy can be expected to rise further toward the next resistance level 1425.00 (which stopped the previous short-term correction (ii) earlier this month).