Soybean price breaks the support – Forecast today - 19-03-2024

Soybean price broke 1193.10 level and closed the daily candlestick below it, to hint stopping the bullish correction and head to decline again, but we notice that the technical indicators provide positive signals that might assist to push the price to recover again.

Therefore, we prefer to stay aside until the price confirms its situation according to 1193.10 level, noting that confirming the break will push the price to decline and target 1165.00 followed by 1131.40 levels as main negative stations, while stepping above it again will reactivate the correctional bullish scenario and head towards 1231.20 mainly.

The expected trading range for today is between 1175.00 support and 1210.00 resistance.

Trend forecast: Neutral