Following a recent downturn, the price of soybeans has embarked on a path of recovery, consolidating above the Exponential Moving Average 50 (EMA50). Positioned for further intraday gains, it aims to target $1193.10 primarily.
While current stochastic indicators display some negativity, this may temporarily impede the price’s upward trajectory, leading to sideways fluctuations. However, the continuation of the bullish wave is contingent upon maintaining levels above $1170.00 and $1155.00.
Expected Trading Range:
Traders should expect trading activity within the range delineated by the support level at $1165.00 and the resistance level at $1193.00.
Trend Forecast:
The prevailing trend forecast remains bullish, supported by the price’s consolidation above key levels and technical indicators. Investors are advised to monitor price movements closely, particularly with regard to the identified support levels, for confirmation of the upward trend.
