Soy has
kept a very good bullish trend that has lasted a few months, as shown on the
weekly chart of the commodity, but it is getting closer to the 200 period
exponential moving average on the weekly chart, around the 1112 level. Due to
the strong rally that soy has had, it is clearly over-bought and prone to a
correction from the 200 week EMA. At least at the moment the weekly candles
have stopped making higher highs, which is an indication that the bullish trend
is losing its strength. If the price bounces to the downside, then the 1000.00
could act as a support.
It could be at a good turning point.
ReplyDeleteThat level is near 2011 Low @1111.75.
ReplyDeleteInteresting analysis.
ReplyDeleteExcellent analysis, thank you!
ReplyDeleteI totally agree with your analysis.
ReplyDeleteGreat analysis, thanks.
ReplyDeleteVery helpful analysis.
ReplyDeleteGood point, thank you for sharing!
ReplyDeleteInformative post.
ReplyDelete