• Soy reversed up from the support area
• Further gains are likely
Soy recently reversed up from the support area lying between the key support level 820.00 (which stopped the previous sharp impulse wave C in August, as can be seen below) and the lower daily Bollinger Band.
The upward reversal form this support area lying stopped the B-wave of the active medium-term ABC correction (B) from July.
With the oversold daily Stochastic – Soy is expected to rise further and retest the next resistance level 860.00. Strong support remains at 820.00.