(MENAFN - FxPro)
- Soy broke support area
- Further losses are likely
Soy recently broke through the support area lying at the intersection of the support level 890.00 (which has been reversing the price from January) and the support trendline of the daily up channel from September.
The breakout of this support area accelerated the active short-term impulse wave (3) of the medium-term downward impulse sequence (3) from the start of March.
Soy is expected to fall further and re-test the next key support level 867.00 (monthly low from December).