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Following a slight bearish bias observed after nearing our anticipated target of $1231.20, soybean prices are now exhibiting signs of gathering positive momentum on intraday time frames. Market analysts anticipate a resumption of the corrective bullish wave, with initial targets set to surpass the aforementioned level and aim for $1262.10.
Supporting this upward trajectory is the EMA50, which continues to bolster expectations for a bullish trend, contingent upon the price maintaining stability above $1193.10.
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For today’s trading session, the projected trading range is anticipated to oscillate between the support level at $1200.00 and resistance at $1235.00.
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Overall Trend Outlook: Bullish
