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Soybean prices have broken through the bearish channel’s resistance and settled above it, initiating a bullish correction. This correction follows a decline from $1,243.70 to $1,095.60, and aims to achieve positive targets, starting with a test of $1,130.60. Breaching this level is expected to push the price towards the next correctional level at $1,152.20.
Expected Trading Range:
Between $1,100.00 support and $1,130.00 resistance.
The bullish bias is suggested for today unless the price breaks below $1,095.60 and holds there. If this level is breached, the price may resume its main bearish trend.
Related topics:
Soybean Prices Face Resistance, Expected to Decline Further
Soybean Prices Test Resistance Amid Bearish Trend Expectations