Soybean Price Analysis:
Soybean prices exhibit further positive attempts to breach the $1231.20 resistance level, consolidating above it, suggesting a potential continuation of bullish correction in forthcoming sessions.
Expected Scenario:
Despite these positive indications, it is noteworthy that stochastic momentum shows signs of weakening, potentially exerting intraday negative pressure on the price. Consequently, the conflicting signals from technical factors prompt a stance of caution, leading us to adopt a neutral position until the price confirms its stance relative to the $1231.20 level and elucidates its subsequent trajectory clearly.
Should the price consolidate above $1231.20, the next target would be $1262.10. Conversely, a break below this level, followed by sustained trading beneath it, could prompt a decline towards $1193.10 in the near term.
Expected Trading Range:
The anticipated trading range spans from the support level of $1220.00 to the resistance level of $1250.00.
Trend Forecast: Neutral
