Soybean prices have recently surpassed the resistance line of an intraday bearish channel and are currently testing the significant resistance level of $1,028.80. This resistance level is identified as the neckline of a head and shoulders pattern on the chart. A successful breach of this resistance could signal a bullish correction, with potential price targets beginning at $1,071.20 and extending up to $1,105.50.
At this juncture, market observers are advised to remain cautious and wait for clearer indications of the next trend. Key levels to watch are a break above $1,028.80 or a fall below the $1,005.00 support. A decline below this support level could lead to further downward movement, with potential negative targets reaching $960.30.
For today, the anticipated trading range is between the support level of $1,005.00 and the resistance level of $1,040.00.
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