• Soy reversed from support area
• Further gains are likely
Soy recently reversed up sharply from the support area lying between the major support level 8.5250 (which previously reversed the price multiple times in 2015 and 2016, as can be seen from the weekly Soy chart below), and the lower daily Bollinger Band.
The upward reversal from this support area stopped the previous medium-term impulse wave (3) from the start of this year.
Given the oversold weekly Stochastic, Soy is likely to rise further and re-test the next round resistance level 9.000 (former powerful support from June of 2017).