Today’s analysis of soybean prices reveals a persistent bullish momentum, as the commodity demonstrates a propensity to settle above the $1200.00 barrier. This further solidifies expectations for the continuation of the corrective bullish trend, with the next target poised at $1231.20.
Supporting this bullish sentiment is the EMA50 indicator, which underpins the suggested upward wave. This momentum is influenced by the completion of a double bottom pattern observed previously. It is emphasized that maintaining a position above $1193.10 is crucial for the anticipated upward trajectory to persist.
Today’s trading range is anticipated within the following parameters:
- Support: $1190.00
- Resistance: $1230.00
The overall trend forecast remains bullish, indicating a sustained inclination towards further price increases in the near term.
