Commencing today’s trading session with evident positivity, soybean prices have surged, surpassing the EMA50 and signaling a potential inclination towards achieving bullish correction on an intraday basis. The primary target for this positive trajectory is set at 1193.10, marking a significant milestone.
Consequently, a bullish bias is suggested for today, reinforced by the price’s position above the EMA50. It is crucial to highlight that a breach of the 1160.00 level would facilitate the realization of the expected rise. Conversely, a break below 1145.00 could introduce a negative factor, prompting a return to the main bearish track. In this scenario, the price may head towards testing 1131.40, followed by 1110.00 as main targets.
Market participants are advised to closely monitor key support and resistance levels, as these benchmarks will be pivotal in determining potential price movements.
For today, the projected trading range is expected to oscillate between 1150.00 (support) and 1180.00 (resistance), encapsulating the current bullish sentiment.
In summary, soybean prices exhibit a bullish trend, supported by positive momentum and a breach of the EMA50. The market anticipates further gains, contingent upon maintaining key support levels.
Projected Trading Range for Today: 1150.00 (Support) – 1180.00 (Resistance)
Anticipated Trend for Today: Bullish
