Soybean Price Exceeds Target, Continues Upward Momentum – Forecast for May 7, 2024

by Jennifer

Soybean price has surged significantly, surpassing our anticipated target of $1231.20 and consolidating above it. This supports the continuation of the corrective bullish trend and paves the way for additional gains, with initial targets set at $1262.10 and extending to $1292.90.

The bullish trend is expected to persist in the upcoming period, underpinned by the EMA50 providing support from below. It is important to note that a break below $1231.20 could halt the bullish momentum and potentially lead to a reversal in price direction.


Expected Trading Range for Today:


Support: $1225.00
Resistance: $1265.00

The trend forecast for soybean remains bullish, reflecting recent price movements and technical indicators.

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