Yesterday, soybean prices experienced a notable upward rally, approaching the anticipated target of $1,071.20. Despite this bullish momentum, the market exhibited some bearish tendencies influenced by stochastic indicators, which are currently showing negative signals. However, the stochastic indicator is gaining positive momentum, suggesting that a resurgence in bullish activity may occur in the coming sessions.
The bullish trend remains intact, with initial targets focusing on surpassing the $1,071.20 mark. Achieving this level would pave the way for prices to potentially rise toward $1,105.50. Conversely, a decline below the $1,028.80 threshold would halt the bullish correction and likely trigger a price drop.
For today, the expected trading range is set between a support level of $1,035.00 and a resistance level of $1,075.00.
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