Soybean price tests the support – Analysis - 16-10-2020

Soybean price tested the key support 1039.60 and bounced upwards quickly from there, which keeps our bullish overview valid for the upcoming period, supported by the EMA50, waiting to head towards 1070.00 followed by 1096.90 levels that represent our next main targets.

The price move inside the bullish channels supports achieving the suggested targets, while holding above 1039.60 followed by 1032.00 levels represents key condition to continue the suggested rise.

The expected trading range for today is between 1045.00 support and 1070.00 resistance.

The expected trend for today: Bullish