As of April 23, 2024, the soybean price has broken through the resistance line of the intraday bearish channel and settled above it. This movement suggests a potential for anticipated gains in the short term, with a primary target set at $1193.10.
Today’s trading outlook leans bullish unless the price drops below $1163.00 and maintains below it. It’s worth noting that surpassing the targeted level would likely prompt a bullish correction, with the next target extending to the $1231.20 area.
Traders should anticipate a trading range between the support level at $1165.00 and the resistance level at $1200.00.
In summary, the trend forecast for soybean prices is bullish, reflecting the recent breakout from the bearish channel and expectations for further upward movement.
