Commencing the day on a positive note, soybean price exhibits clear signs of upward movement, challenging the resistance of the bearish channel and signaling the initiation of a bullish correction. This correction aims to counteract the prior decline, measured from 1353.60 to 1204.10, with an initial target set at 1239.40. A successful breach of this level is anticipated to extend the bullish wave, with the ultimate goal set at 1261.20.
The prevailing outlook for today leans decisively bullish, with a caveat that breaking the support level at 1215.70 could impede the anticipated rise and redirect the price back into the main bearish trajectory.
The expected trading range for today is projected to fluctuate between the support at 1205.00 and the resistance at 1240.00.
In summary, the soybean market is poised for a bullish correction, with traders advised to closely monitor key support and resistance levels for potential shifts in market dynamics. The anticipated trend for the day remains bullish, contingent upon maintaining upward momentum.
