Soybean price reactivates the correctional scenario – Forecast today - 03-05-2024

Soybean Price Analysis

• Soybean price breached the 1193.10$ level clearly and closed the daily candlestick above it, confirming the activation of the positive scenario.
• Heading towards achieving a bullish correction on the intraday basis, targeting 1231.20$ areas as a next main station.

Therefore, the bullish bias will be suggested for today, motivated by the completion of the double bottom pattern that appears on the chart. However, breaking 1193.10$ will stop the expected rise and put the price under negative pressure again.

The expected trading range for today is between 1190.00$ support and 1230.00$ resistance.

Trend forecast: Bullish