In recent trading, soybean prices have breached the crucial support level of 1193.10 and closed the daily candlestick below it. This development suggests a potential cessation of the previous bullish correction, signaling a return to a downward trajectory. However, analysts note that technical indicators are offering positive signals, hinting at the possibility of a price recovery.
Given the current market conditions, some experts advocate for a cautious approach, preferring to adopt a wait-and-see stance until the price confirms its position relative to the 1193.10 level. Confirmation of the support break could precipitate further decline, with key downside targets set at 1165.00 and 1131.40. Conversely, a resurgence above this level would likely reignite the bullish correctional scenario, with a primary target envisioned at 1231.20.
Today’s anticipated trading range is expected to fluctuate between a support level of 1175.00 and a resistance level of 1210.00.
Trend Forecast: Neutral
