Soybean ends the trading week at 3.64 and continues to move as part of the fall. Moving averages indicate a bearish trend. At the moment, we should expect a continuation of the decline and a test of the support area near the level of 890. Where again we should expect a rebound and an attempt to continue the growth of the Soybean rate with a potential target above the level of 1000.
Soybean forecast for the week December 24 — 28, 2018
A test of the rising trend line on the relative strength index (RSI) will be in favor of the growth of the Soybean quotes in the current trading week December 24 — 28, 2018. As well as a rebound from the lower boundary of the bullish channel. Cancellation of the Soybean growth option will be a fall and a breakdown of the 870 area. This will indicate a breakdown of the lower boundary of the channel and the continuation of the fall of Soybean with a potential target below 825. A confirmation of the development of the upward trend will be a breakdown of the resistance level and closing of quotes above the 945 area.
Soybean forecast for the week December 24 — 28, 2018 implies an attempt to test the support area near the level of 890. Then, the tool continues to grow to below 1000. An additional signal in favor of raising the Soybean course will be the test of the support line on the relative strength index (RSI). The decline of the Soybean growth option will be canceled by the fall and the breakdown of the 870 area. In this case, we should expect a further decline.
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