Soybean price has commenced the trading day with notable positivity, nearing our awaited target at 1385.00. The current market sentiment suggests a potential surpassing of this level, thereby opening the pathway for an upward trajectory towards the bullish channel’s resistance at 1406.50.
The continuity of the bullish trend scenario remains valid for the foreseeable period, underpinned by the favorable positioning above the EMA50. It is crucial to monitor whether the price can breach the 1385.00 level, as a failure to do so may trigger a bearish rebound, redirecting the price towards 1348.30 primarily.
For today’s trading activities, the expected range fluctuates between the support level at 1350.00 and the resistance level at 1400.00.
The prevailing trend for today leans towards a bullish trajectory, contingent on the successful breach of the 1385.00 level. Traders are advised to exercise vigilance and consider the critical support level for potential market implications.
