Adam Smith Associates - Soy Oil Charts Positive Trend


Soy Oil has been in an uptrend for most of the year with brief corrections. the move up will complete 5 waves. So far we are in the third wave and probably wave 5 of 3. The chart shows a good channel and prices were resisted at the upper channel a couple of times. The channel line is now near 760 as the next resistance. Fibonacci projections go to 770 and 804. The recent bottom was near 704 marking one more higher bottom for prices


Adam Smith Associates offers trade & commodity finance related services & solutions to its domestic & international clients. Views expressed in this article is purely of the author - Mr Rohit Srivastava - a leading technical analyst. Visit www.adamsmith.tv for services offered by Adam Smith Associates Pvt Ltd

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