Soybean prices concluded yesterday on a positive note, fortifying expectations for the continuation of the ongoing correctional bullish trend. The initial target within this trend is set at 1239.40, and a successful breach of this level is poised to propel the price towards the subsequent correctional target at 1261.20.
The persistence of the bullish trend scenario is contingent on the soybean price maintaining stability above the critical level of 1215.00 on an intraday basis.
Today’s projected trading range is expected to fluctuate between the support level at 1215.00 and the resistance at 1245.00. These levels serve as pivotal benchmarks for traders, providing insights into potential price movements.
In summary, the expected trend for today remains bullish, with soybean prices aiming for further correctional gains. However, close attention is advised to the stability of the price above the critical level of 1215.00, as it serves as a determining factor for the continuation of the bullish momentum.
