Soybean Price Begins Bullish Correction – Forecast Today – 02-07-2024

by Jennifer

Soybean Price Analysis

Expected Scenario


The soybean price has breached the bearish channel’s resistance and settled above it, indicating the start of a bullish correction for the decline measured from $1243.70 to $1095.60. The price is on its way to achieve positive targets, starting by testing the $1130.60 level. Breaching this level will push the price to visit the next correctional level at $1152.20. Therefore, the bullish bias will be suggested for today unless the price breaks below $1095.60 and holds under it, as breaking this level will resume the main bearish track again.


Expected Trading Range

Between $1100.00 support and $1130.00 resistance.

Trend Forecast: Bullish

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