The soybean market has witnessed a rebound in prices, albeit with a bearish trajectory, following a near-touch of the awaited target at $1193.10. The price movement is now poised to test the breached resistance of the bearish channel as depicted on the chart. Noteworthy is the stochastic indicator, which currently signals clear oversold conditions, while the EMA50 continues to offer positive support to the price.
Expected Scenarios:
In light of these developments, analysts anticipate a resurgence in the bullish trend in the forthcoming trading sessions. The primary focus lies on testing the critical level at $1193.10. It’s imperative to highlight that a break below $1170.00, followed by $1157.20, would effectively halt the bullish momentum and redirect the price towards the main bearish trajectory once again.
Trading Range:
For today’s trading activities, market participants can anticipate a trading range bound between the support level at $1155.00 and the resistance level at $1193.00.
Trend Forecast: Bullish
Despite the recent bearish rebound, the overarching trend forecast remains bullish, with market sentiment skewed towards a potential resurgence in upward momentum. As such, investors and traders are advised to closely monitor key support and resistance levels for strategic decision-making in the soybean market.
