The soybean price demonstrated strong positive movement yesterday, testing the significant resistance level at $1082.80. This action suggests a potential continuation of the bullish correction. However, stochastic indicators are signaling that the market may be overbought, which could lead to a possible decline.
Given the conflicting technical signals, we recommend a cautious approach until a clearer direction emerges. If the price breaks above $1082.80, it could advance to new gains, targeting $1113.50. Conversely, a fall below the support level of $1064.20 would signal a resumption of the primary bearish trend, with potential declines to $1048.00 and $1022.00.
The expected trading range for today is between $1060.00 support and $1110.00 resistance.
Trend Forecast: Neutral
