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Soybean Prices Surge, Breaking Bearish Channel Resistance

by Jennifer

Soybean prices demonstrated remarkable strength in yesterday’s trading session, breaking free from the constraints of a bearish channel by surging to 1311.70. This break is seen as a precursor to anticipated gains in the forthcoming sessions, with the potential to reach 1328.50 and ultimately 1348.30 as the next positive targets.

Consequently, today’s outlook suggests a bullish bias. However, it’s crucial to monitor the level at 1311.70, as a failure to breach it could lead to a price decline, with 1266.30 being the primary bearish target.

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The expected trading range for today is likely to fall between the support at 1280.00 and the resistance at 1335.00.

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In summary, the prevailing trend for today is expected to be bullish, contingent upon the successful breach of 1311.70. This marks a significant shift for soybean prices.

 

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