2
Soybean prices have resumed their upward trend, reaching $1,071.20. Traders are now looking for a breach of this level to confirm an extended bullish wave, potentially driving prices up to $1,105.50. This upward movement is influenced by a previously completed inverted head and shoulders pattern.
Support from the 50-day exponential moving average (EMA) bolsters expectations of a rise. However, if the price fails to surpass the $1,071.20 mark, it may decline to test the $1,028.80 area before making another positive attempt.
Today’s expected trading range is between the support level of $1,050.00 and the resistance level of $1,085.00.
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