Soybean price experienced a robust downward bounce subsequent to its reach of the 1385.00 level, subsequently targeting the pivotal support at 1348.30. Notably, the price has managed to consolidate itself above this key support level. Additionally, the presence of the EMA50 intersecting with this support level lends further reinforcement to its resilience. This is complemented by the observation of positive indications through the stochastic indicator.
These combined factors collectively promote the proposition of a newly constructed bullish wave in the imminent trading sessions, with the subsequent target aimed at revisiting the 1385.00 level. It is prudent to acknowledge that a breach of the 1348.30 support level will prompt a cessation of the positive scenario, potentially initiating a shift towards a decline in price.
The envisaged trading range for the present session spans from the support level at 1325.00 to the resistance level at 1385.00.
The prevailing trend foreseen for today is bullish.
