The soybean price has successfully breached the key resistance level at 1193.10, conclusively closing the daily candlestick above it. This development reinforces expectations of a sustained correctional bullish trend, potentially paving the way for targeting the 38.2% Fibonacci correction level at 1231.20.
Consequently, our positive outlook remains intact and active, bolstered by the presence of a previously completed double bottom pattern. It is imperative for the price to maintain its position above the 1193.10 level to ensure the continuity of the envisaged bullish wave.
For today’s trading session, the anticipated range is projected to fluctuate between the support level of 1190.00 and the resistance level of 1220.00, reflecting the prevailing market dynamics.
Trend Forecast: Bullish Momentum
