Soybean Prices Hover at Key Support Level

by Yuki

Soybean prices are currently experiencing fluctuations around the key support level of $1,028.80, showing signs of downward pressure. However, recent movements in the stochastic indicator reveal a positive overlapping signal, suggesting potential upward momentum that may propel prices back into a bullish trend.

On an intraday basis, analysts anticipate a price target of $1,053.00, followed by a further aim for $1,071.20. The bullish outlook remains intact for the foreseeable future, contingent upon the price maintaining levels above $1,028.80. A break and daily close below this support level would alter this forecast.

For today, the expected trading range is set between a support level of $1,020.00 and a resistance level of $1,060.00.

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