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Soybean Prices Bounce Back, Eyeing $1080 Target

by Daisy

Soybean prices bounced upward after approaching the previously suggested negative target of $1014.50, resuming the bullish trend on both intraday and short-term bases. This move is supported by the completion of an inverted head and shoulders pattern, with the next key target set at $1080.00.

The 50-day Exponential Moving Average (EMA50) further supports the bullish outlook, which remains intact unless the price breaks below $1014.50 and sustains levels under that mark.

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The expected trading range for today is between support at $1035.00 and resistance at $1075.00.

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Trend Outlook: Bullish

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