Soybean prices recently experienced a noticeable downturn subsequent to reaching our initial projected bullish target at 1325.00. The downturn led the commodity to test the critical support level at 1311.70. However, in today’s trading session, soybean prices have exhibited positive momentum, surpassing the aforementioned support level with support from favorable stochastic indicators.
This resurgence in positive movement indicates a plausible continuation of the anticipated bullish trend in the short term. It is essential for the price to consolidate above 1311.70 to ensure the sustainability of the suggested bullish wave. The subsequent primary target for this upward trajectory is set at 1348.00.
Traders and investors are advised to closely monitor the price action, with an acknowledgment of the significance of maintaining levels above 1311.70 for the envisioned bullish scenario. The anticipated trading range for the day is anticipated to fluctuate between the support at 1300.00 and resistance at 1335.00. The prevailing trend for the day is deemed bullish, aligning with the positive market sentiment and technical indicators.
