In today’s soybean price analysis, we observe a bearish rebound after the market approached our awaited target at $1193.10. Currently, soybean is on track to potentially test the previously breached resistance of the bearish channel depicted on the chart. Notably, stochastic indicators are displaying clear oversold signals, while the EMA50 offers positive support to the price action.
Given these indicators, we anticipate a valid opportunity for the bullish trend to resume in the upcoming sessions, with a primary focus on retesting the $1193.10 level. However, it’s essential to monitor the price closely, as a break below $1170.00, followed by $1157.20, could signal a reversal back to the main bearish track.
For today’s trading range, we envisage support around $1155.00 and resistance near $1193.00. Despite the current bearish rebound, our trend forecast leans towards bullish momentum, contingent upon the price sustaining above key support levels and overcoming resistance barriers.
