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The soybean price commences today on a negative note, applying pressure on the intraday bullish trend line. Despite this, the EMA50 indicator continues to offer positive support, while stochastic readings approach oversold levels.
These factors collectively bolster the argument for maintaining a correctional bullish trend outlook. The next target is set at $1231.20 as the subsequent station for potential gains.
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However, it’s crucial to monitor the $1193.10 support level closely, as a breach could halt the anticipated upward movement, prompting a return to the primary bearish trajectory.
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Today’s anticipated trading range spans between support at $1190.00 and resistance at $1220.00.
Trend Forecast: Bullish
