Soybean prices have reached the upper resistance line of the main bearish channel, facing a critical juncture as technical signals present mixed forecasts. While the technical indicators currently signal a potential for price decline due to the strength of the resistance line, the formation of a double bottom pattern suggests a possible bullish correction in the short term.
Given the conflicting signals, a cautious approach is recommended. A breakout above $986.70 could propel prices to new highs, potentially reaching around $1028.80. Conversely, a drop below $978.00 may signal a continuation of the bearish trend, with possible targets starting at $960.30.
Today’s expected trading range is between $980.00 for support and $1000.00 for resistance.
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