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Soy Wave Analysis – 21 January, 2019

  • Soy reversed from support zone
  • Further gains are likely

Soy recently reversed up with the daily Morning Star from the support zone lying at the intersection of the round support level 900.00, 50-day moving average and the 50% Fibonacci correction of the previous upward wave (2) from December.

The upward reversal from this support area started the active short-term ABC correction 2.

Soy is expected to rise further and re-test the next strong resistance level 930.00 (which has been reversing the price from December).

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Source: FxPro


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