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Soybean price draws positive pattern – Forecast today - 13-09-2024
Soybean price surpassed the intraday bearish channel’s resistance line to test the key resistance 1028.80$, and by taking a deeper look at the chart, we find that this resistance forms the neckline of the head and shoulders’ pattern that appears on the chart, which means that breaching it will push the price to achieve bullish correction that its targets begin at 1071.20$ and extend to 1105.50$.
Now, we prefer to stay aside until we get clearer signal for the next trend, through breaching 1028.80$ resistance or breaking 1005.00$ support, noting that breaking this level will push the price to decline again and achieve negative targets that reach 960.30$.
The expected trading range for today is between 1005.00$ support and 1040.00$ resistance.
Trend forecast: Neutral
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