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Soybean prices opened today with positive momentum, attempting to breach the $1,028.80 mark. This movement suggests the potential activation of a bullish inverted head and shoulders pattern, signaling a corrective rebound from the recent decline between $1,250.70 and $960.30, with a target of $1,071.20. A bullish sentiment is anticipated for today; however, if prices fail to maintain above $1,028.80, a pullback towards the $1,004.00 support level may occur, necessitating further analysis of the market’s direction.
The expected trading range is set between $1,020.00 support and $1,050.00 resistance.
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