Soybean prices have exhibited positive trading activity at the commencement of today’s session, managing to breach the resistance of the intraday bearish channel. However, it is important to note that the stochastic oscillator has clearly lost its positive momentum, signaling the potential for a resumption of the anticipated bearish trend in the intraday perspective. The primary target for this bearish movement remains at 1348.30.
Consequently, our outlook continues to lean towards a bearish trend for the near-term, unless there is a decisive breach of the 1385.00 level, followed by a daily close above it.
For today’s trading, the projected range is anticipated to fluctuate between the support level at 1355.00 and the resistance barrier at 1385.00. This range will be closely monitored by traders as it could provide essential insights into forthcoming price dynamics.
In summary, soybean prices have shown a brief positive upturn, yet the presence of weakening momentum indicates the possibility of a return to the bearish trajectory. The critical level to watch remains at 1385.00, with the primary target set at 1348.30.
