Soybean price attempts to recover – Forecast today - 02-05-2024

Expected Scenario

• Soybean price begins today with clear positivity to surpass 1171.00$ level and attempts to hold above it, to hint the attempt to recover and achieve intraday gains, but we notice that stochastic shows negative signals that might push the price to decline again.
• We will stay aside now until we get clearer signal for the next trend, noting that consolidating above 1171.00$ will push the price to target 1193.00$ as a next positive station, while trading below it again will reactivate the bearish wave that its first target located at 1155.00$.

Expected Trading Range

Between the support at 1155.00$ and the resistance at 1193.00$.