Soybean Prices Face Resistance but Remain Bullish

by Yuki

Soybean prices recently attempted to surpass the $1071.20 level but experienced a significant decline from that point. The prices have now reached the 50-day Exponential Moving Average (EMA), which is expected to provide solid support as they aim to resume a bullish trend. This follows the completion of an inverted head and shoulders pattern, with the next target projected at $1105.50.

Additionally, the Stochastic indicator is currently showing strong positive signals, reinforcing expectations for a price increase. This bullish outlook will remain intact unless prices drop below $1028.80 and maintain that position.

Today’s anticipated trading range is between $1040.00 for support and $1080.00 for resistance.

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