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Soybean prices have shown new positive trades, consolidating above the bearish channel’s support line. This movement suggests a potential bullish wave targeting the channel’s resistance line at $1084.00. While the bullish bias is expected in the upcoming sessions, some sideways fluctuation may occur due to stochastic negativity.
Breaching the $1058.00 level will facilitate reaching the aforementioned target. However, the continuation of this bullish wave relies on the price remaining stable above $1032.82.
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The expected trading range for today is between the support level of $1035.00 and the resistance level of $1170.00.
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Trend Forecast: Bullish
