The price of soybeans exhibited resilience in recent trading sessions, as it attempted to breach the $1193.10 level but ultimately concluded yesterday’s session above it. This reinforces the active bullish trend scenario, with the next primary target identified at $1231.20.
Positive signals from stochastic indicators further support expectations of a continued upward movement in soybean prices. This bullish outlook remains valid as long as the $1193.10 level remains intact, with a daily close below it potentially signaling a shift in momentum.
For today’s trading activities, the expected trading range is delineated as follows:
– Support: $1185.00
– Resistance: $1220.00
In summary, our trend forecast maintains a bullish stance, reflecting the expectation of ongoing positive momentum in soybean prices. Traders and investors are advised to monitor price movements closely for any potential shifts in market dynamics.
