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Soybean prices have approached the significant resistance level of $1,028.80, a critical threshold that may determine the next market direction. Traders are waiting for a positive catalyst to drive prices above this level, which could potentially lead to a bullish correction with the next target set at $1,071.20.
However, the current negative momentum in the stochastic indicator poses a challenge to the upward movement. Should prices fall below $1,008.00, the positive outlook could be compromised, introducing renewed bearish pressure.
For today, the anticipated trading range for soybean prices is between a support level of $1,010.00 and a resistance level of $1,040.00.
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Best 5 Ways To Read Soybean Futures Prices