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Soybean prices have experienced a significant rebound after nearing the $958.00 mark, initiating a bullish trend. This upward momentum is expected to test the resistance level of the bearish channel, which stands around $1003.00. Traders should monitor this target level closely, as its significance will influence the direction of future price movements.
Conversely, if prices fall below $970.00, the anticipated rise will be negated, potentially leading to a return to the primary bearish trend.
Today’s trading range is forecasted to be between the $970.00 support level and the $1000.00 resistance level.
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