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Soybean price hits the first target – Analysis - 24-01-2024
Soybean price succeeded to achieve our waited target at 1239.40 and breached it to close the daily candlestick above it, paving the way to achieve more bullish correction on the intraday basis, targeting heading towards 1261.20 areas as a next main station.
Therefore, we will continue to suggest the bullish trend for the upcoming period supported by the EMA50 that carries the price from below, noting that failing to consolidate above 1239.40 will stop the expected rise and push the price to decline again.
The expected trading range for today is between 1225.00 support and 1260.00 resistance.
The expected trend for today: Bullish
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