Soybean prices have experienced downward pressure in recent sessions, aligning with a bearish trend observed in the market. This decline has been supported by resistance from the EMA50 indicator. However, the market shows signs of a bullish shift today due to positive stochastic momentum. This potential recovery could lead to intraday gains, though technical factors remain conflicted. The market will remain neutral until a clearer trend emerges.
A breach above $978.20 could propel prices towards recovery, with potential gains extending to $1003.00 and $1028.80. Conversely, a drop below $960.30 might push prices to new lows, targeting $950.00 and subsequently $935.00 in the near term.
Today’s anticipated trading range is between a support level of $955.00 and resistance at $995.00.
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