• Soy broke support zone
• Further losses are likely
Soy recently broke through the support zone lying between the levels 9.900 (which has been reversing the price from the start of April), 9.700 (monthly low from February) and the support trendline of the wide weekly up channel from 2017.
The breakout of this support zone continues the active short-term impulse wave 3 – which belongs to the (C)-wave of the extended ABC correction ② from March.
Soy is expected to fall further and re-test the next multi-month support level 9.4330 (which reversed the price in December and January).