Soybean price hits the first target – Analysis - 05-03-2021

Soybean price succeeded to touch our first waited target at 1432.20 and bounced bearishly from there, as it faces solid resistance that requires getting positive motive to assist to push the price to breach it and confirm the continuation of the bullish trend on the intraday and short-term basis.

The EMA50 supports the price from below, while stochastic reaches the oversold areas, therefore, these factors support the chances of continuing the bullish trend in the upcoming sessions, which its targets extend to 1454.00, while achieving it requires holding above 1390.00.

The expected trading range for today is between 1395.00 support and 1432.00 resistance.

The expected trend for today: Bullish