Soybean prices have touched the resistance line of the main bearish channel. Currently, the price is experiencing a divergence between technical indicators. While these indicators suggest that the resistance line may prompt a decline, the formation of a double bottom pattern indicates a potential breakout and bullish correction in the intraday and short-term periods.
Given the mixed signals, a neutral stance is recommended until a clearer trend emerges. If the price breaches $986.70, it could lead to gains, with the next target at $1,028.80. Conversely, a break below $978.00 would resume the bearish trend, potentially pushing the price down to test $960.30.
Today’s expected trading range is between $980.00 for support and $1,000.00 for resistance.
Trend Forecast: Neutral
