a Pullback Rally or Continue Its Decline without correction?
As we can see, soybean oil closed at the level of 49.17 and has made a lower low compared to the previous low.
So, my expectation is that the price will continue its downward trend until it reaches the daily support level around 47.50.
However,
Before this decline occurs, I anticipate a pullback in price, possibly rising to the price zone of 50.91 or even reaching 51.00 before experiencing a decline to the 47.50 level, as mentioned earlier.
In any case, you need to ensure proper risk management and consider micro and macroeconomic fundamentals when participating in this market movement.
So, my expectation is that the price will continue its downward trend until it reaches the daily support level around 47.50.
However,
Before this decline occurs, I anticipate a pullback in price, possibly rising to the price zone of 50.91 or even reaching 51.00 before experiencing a decline to the 47.50 level, as mentioned earlier.
In any case, you need to ensure proper risk management and consider micro and macroeconomic fundamentals when participating in this market movement.