Soybean Prices Bounce Back, Testing Key Resistance Levels

by Yuki

Soybean prices have successfully reached the initial target of $984.00, experiencing a bullish bounce that tested the $1000.00 barrier. However, current stochastic indicators are displaying clear negative signals, suggesting that prices may resume a bearish trend, with the next target set at $960.30.

The negative pressure exerted by the 50-day Exponential Moving Average (EMA50) reinforces the anticipated bearish wave. It is important to note that a breach above the $1000.00 level could result in intraday gains, potentially leading prices to visit $1028.80 before any further attempts at a decline.

For today, the expected trading range for soybean prices is anticipated to fall between the support level of $980.00 and the resistance level of $1010.00.

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