Soybean Price Hits Initial Target and Sets Course for Further Gains

Soybean price has successfully reached and surpassed our anticipated target at 1239.40, closing the daily candlestick above this level. This achievement clears the path for additional bullish correction on an intraday basis, with the next primary station expected to be around 1261.20.

The sustained bullish trend is underpinned by the supportive influence of the EMA50 from below. It is essential for the price to consolidate above 1239.40 to maintain the expected upward trajectory. A failure to establish this consolidation might prompt a reversal and lead to a renewed decline.

The projected trading range for today is foreseen between the support level of 1225.00 and the resistance level of 1260.00.

Anticipated Trend for Today: Bullish