On February 20, 2024, soybean prices exhibit a positive start to the trading day, marking a breakthrough above the resistance of the bearish channel. This development signals the commencement of a bullish correction to counter the previous decline originating from 1392.30 levels. The initial target for this corrective phase is set at 1216.60.
Anticipated positive trades are expected in the forthcoming sessions, with a critical condition being the maintenance of levels above 1185.00. This level serves as a key determinant for the continuity of the anticipated upward movement. A breach below 1185.00 could trigger a return to the bearish track, leading to a resumption of the primary downtrend.
Traders are advised to monitor the expected trading range for the day, ranging between the support level at 1175.00 and the resistance level at 1205.00.
In summary, soybean prices are embarking on a bullish correction, targeting 1216.60. Caution is advised, and the pivotal level of 1185.00 should be closely watched for potential shifts in market dynamics.
