Soybean price came within a few pips of reaching the anticipated target at 1385.00 before experiencing a bearish rebound. This decline was influenced by the negative signals exhibited by the stochastic indicator, which is currently gathering positive momentum. Market observers are now waiting for the price to regain its bullish bias and surpass the aforementioned level, potentially paving the way for additional gains towards 1405.00, followed by 1430.40.
Consequently, experts continue to suggest a bullish trend for the foreseeable future. It is worth noting that maintaining a position above 1365.00 is crucial as an initial requirement for the expected upward movement to persist.
For today’s trading session, the projected trading range is anticipated to fall between the support level at 1355.00 and the resistance level at 1400.00.
Overall, the trend expected for today remains bullish, although caution is advised due to the recent bearish rebound in soybean price.
