Soybean price faces new negative pressure – Analysis - 19-10-2020

Soybean price succeeded to achieve our first waited target at 1070.00, noticing that the price bounced downwards clearly from there, to test the EMA50 that forms good intraday support now, accompanied by stochastic entering the oversold areas, waiting to motivate the price to resume the expected bullish trend for the upcoming period, which its next target located at 1096.90.

Therefore, our bullish overview will remain valid and active, noting that the continuation of the bullish wave requires holding above 1039.60 and 1035.70 levels.

The expected trading range for today is between 1040.00 support and 1070.00 resistance.

The expected trend for today: Bullish