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Today, July 17, 2024 – Soybean prices have shown positive movements recently, surpassing the support line of a bearish channel. This indicates the potential beginning of a bullish wave on an intraday basis, targeting the channel’s resistance near $1090.00.
The bullish outlook is reinforced by positive stochastic indicators. However, it’s crucial to monitor the $1040.00 level; a break below could negate the current positive scenario and signal a return to the main bearish trend.
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Today’s anticipated trading range spans between support at $1030.00 and resistance at $1170.00.
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Trend Forecast: Bullish
