Soybean prices are currently displaying a bullish bias, with a test of the EMA50 underway. This suggests a potential continuation of the upward movement, with the primary intraday target set at 1311.70. The bullish outlook is anticipated to persist in the coming trading sessions.
To confirm the continuation of the expected rise, it is essential for the price to breach the level of 1297.00. Failing to do so may lead to a bearish rebound, potentially resuming the bearish trend, with the next major target at 1266.30.
For today’s trading, the expected range is between the support level at 1280.00 and the resistance level at 1311.00.
In summary, soybean prices are poised for a potential recovery, with bullish sentiment prevailing. Traders should closely monitor price movements and key support levels to identify any shifts in the market’s direction.
