Soybean price initiated today’s trading session with a notable surge, achieving a successful breakthrough above the 1311.70 resistance level. This development has paved the way for the price to establish an anticipated bullish wave in the intraday context, with its sights set on reaching the 1330.50 level, followed by the 1348.30 levels as the primary bullish targets.
Analysts anticipate the continuation of a bullish bias in the upcoming trading sessions. It’s essential to observe that maintaining a position above the 1311.70 level is crucial to sustaining this bullish momentum. A break below this level may potentially redirect the price back to a bearish trajectory.
For today’s trading, the projected range is expected to fluctuate between support at 1300.00 and resistance at 1345.00, reinforcing the prevailing bullish trend in the market.
Market participants are advised to closely monitor developments in soybean prices, paying particular attention to the pivotal support and resistance levels for potential trading opportunities.
