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Soybean prices surged at today’s open, surpassing the $999.50 mark and setting the stage for a potential bullish correction. The next target for prices is $1,028.80, which represents the 23.6% Fibonacci retracement level of the recent decline from $1,250.70 to $960.30. This movement supports the expectation of a positive trend in the near term.
The 50-day Exponential Moving Average (EMA50) continues to provide upward momentum for soybean prices, reinforcing the bullish outlook. This positive trend will remain intact as long as prices stay above the $988.00 threshold.
For today, the anticipated trading range is between a support level of $995.00 and a resistance level of $1,030.00.
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