Wednesday, September 7, 2016

Good pullback on soy

The November contract for soy on the daily chart continues pulling back to the upside after it bounced from the 936.20 level and it may try to reach the 200 day exponential moving average, which is just below the 1000.00 level. The whole area between the 55 day EMA, purple line and the 200 day EMA, blue line could act as a good resistance for the commodity. The high at the 1035 level could also act as resistance. To the downside, the low at the 936.20 level may also act as support.


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