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Soy reversed from support area

  • Soy reversed from support area
  • Further gains are likely

Soy recently reversed up from the support area lying between the long-term support level 814.00 (monthly low from July and September of last year), round support level 800.00 and the lower daily Bollinger Band.

The upward reversal from this support area created the daily Japanese candlesticks reversal pattern Morning Star Doji.

Soy is expected to rise further and retest the next resistance level 860.00 (target price for the completion of the active correction 4).

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Source: FxPro


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