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Yesterday, soybean price experienced a clear downward bounce, testing the support base established at 1193.10 after a previous breach. It is imperative for the price to maintain its position above this level to sustain the corrective bullish scenario, with the next target set at 1231.20.
The current bullish trend remains intact, supported by the EMA50, which continues to guide the price upwards. However, it’s crucial to note that a breach of the 1193.10 support level would halt the anticipated upward movement and potentially redirect the price back to the main bearish trajectory.
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Today’s expected trading range is anticipated to fluctuate between the support level at 1185.00 and the resistance level at 1215.00.
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Trend Forecast: Bullish
