Soybean price approaches the target – Forecast today - 25-04-2024

Soybean Price Analysis

• Soybean price rebounds bearishly after approaching our waited target at 1193.10$, to head towards potential test to the breached resistance of the bearish channel that appears on the chart, noticing that stochastic shows clear oversold signals now, while the EMA50 provides positive support to the price.

Expected Scenarios

• Therefore, we believe that the chances valid to resume the bullish trend in the upcoming sessions, waiting to test 1193.10$ mainly, noting that breaking 1170.00$ followed by 1157.20$ levels will stop the bullish wave and push the price to resume the main bearish track again.

Trading Range

• The expected trading range for today is between 1155.00$ support and 1193.00$ resistance.

Trend forecast: Bullish