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November 30, 2020 at 03:43PM
• Soy reversed from long-term resistance level 1200.00
• Likely to correct down to 1200.00
Soy recently reversed down from the key resistance level 1200.00 (former multi-year high from the middle of 2016) intersecting with the upper daily and weekly Bollinger Bands.
The downward reversal from the resistance level 1200.00 started the active short-term downward impulse wave (i).
Given the strength of the resistance level 1200.00 and the overbought daily RSI – Soy is expected to fall further toward the next support level 1160.00 (target price for the completion of the active impulse wave (i)).
From: The FxPro Tech Analysis Team https://fxpro.news/market-snapshots/soy-wave-analysis-30-november-2020-20201130/
Selected by fonecable.com
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