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Soy Wave Analysis – 26 June, 2019

  • Soy reversed from resistance area
  • Further losses are likely

Soy recently reversed down from the resistance area lying between the key resistance level 915.00 (monthly high from April), upper Bollinger Band and the lower trendline of the recently broke up channel from September.

The last reversal from this resistance area created the daily Japanese candlesticks reversal pattern Bearish Engulfing.

Soy is expected to fall further and retest the next support level 890.00 (top of the previous short-term correction (a)).

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Source: FxPro


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