Soybean prices have found support around the 1311.70 level and exhibited a bullish rebound, signaling an attempt to reignite the anticipated upward momentum on an intraday basis. The successful breach of the 1316.50 level, followed by a sustained position above it, reinforces expectations for the continuation of the bullish trend. Notably, the projected targets commence at 1325.00 and extend to 1348.00.
The maintenance of levels above 1311.70 is imperative to realize the suggested targets. Conversely, a breach of this level would introduce a negative element, potentially prompting a reversal to the downside.
The expected trading range for the current session is poised between the support level at 1300.00 and the resistance level at 1335.00.
In summary, soybean prices are in search of a positive catalyst to propel them higher. Traders are advised to closely monitor the critical support and resistance levels at 1311.70 and 1316.50, respectively, for indications of the market’s next directional move.
