Will soy reach a price of 53.49?
As you can see, this increase is temporary in nature because the overall trend is still in a downtrend. So, my expectation for now is that soy prices will climb until they reach the daily resistance zone around 53.50 (as indicated by the red box drawn).
It is anticipated that the price will experience a decline upon reaching this level because this zone can be considered quite strong since it hasn't been touched yet.
This decline is supported by the fact that soy prices have broken the previous low of 52.08 and are expected to drop to the daily support zone around 50.47 to 50.17.
It is anticipated that the price will experience a decline upon reaching this level because this zone can be considered quite strong since it hasn't been touched yet.
This decline is supported by the fact that soy prices have broken the previous low of 52.08 and are expected to drop to the daily support zone around 50.47 to 50.17.
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