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Soy Wave Analysis – 13 May, 2019

Soy Wave Analysis – 13 May, 2019
  • Soy broke support area
  • Further losses are likely

Soy recently broke the support area lying between the multi-month support level 814.00 (which has been reversing the price from the middle of 2018) and the round support level 800.00.

The breakout of this this support area accelerated the active impulse wave 3 which belongs to the intermediate downward impulse sequence (C) from February.

Soy is expected to fall further and retest the next support level 780.00 (target price for the completion of the active impulse wave 3).

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Source: FxPro


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