Soybean prices experienced a decline in recent sessions, falling to $960.60. However, today’s trading has seen a notable uptick, indicating the potential for a bullish trend to develop on an intraday basis. This positive movement is supported by the formation of a double bottom pattern on the chart, which suggests a potential rise with a key target price set at $995.70.
Looking ahead, the bullish trend is expected to continue if prices remain above the $960.60 mark. A drop below this level could halt the anticipated upward movement and trigger a return to the prevailing bearish trend.
For today, the trading range is projected to be between a support level of $965.00 and a resistance level of $995.00.
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