On the 4
hour chart of soy we can see that the commodity has formed what it appears to
be a bullish flag, which could act as a continuation pattern. The 950.00 zone
has served as an area of consolidation for soy where the pattern has formed,
after such consolidations the price may go in any direction, but right now we
are seeing a bullish breakout of the pattern. To the upside, its next
resistance could be the 1000 level. To the downside, in case the price retraces
back down, the 928.70 level, where we can see the 55 period exponential moving
average may act as support.
Great analysis, thank you for sharing!
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ReplyDeleteVery helpful analysis.
ReplyDeleteGood post.
ReplyDeleteComes in handy, thank you
ReplyDelete