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Soybean Price Evaluates Support Level

by Jennifer

Soybean price has undergone testing of the crucial 1385.00 support line, successfully maintaining its position above this level up to the present moment. This persistence serves to uphold the ongoing bullish trend scenario, which is further reinforced by the alignment of the EMA50 with the mentioned support level. Anticipating the next phase, the trajectory remains geared towards the attainment of the 1430.40 level as a principal target.

However, it’s essential to acknowledge that a breach of the 1385.00 support line would curtail the positive outlook, potentially triggering a shift towards a bearish trajectory.

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Today’s projected trading range is bounded by the support level at 1375.00 and the resistance level at 1420.00. The prevailing trend maintains a bullish disposition, as we closely monitor further market movements.

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