Soybean price hits the target – Analysis - 24-01-2020

Soybean price managed to touch our main waited target at 908.10 and provides positive trades to move confined between 61.8% and 50% Fibonacci correction levels, noticing that there is a contradiction between stochastic positivity and the EMA50 negativity.

Therefore, we prefer staying aside until we get clearer signal for the next trend, which we will get through breaking 908.10 support or breaching 918.20 resistance, noting that breaking the mentioned support will extend the bearish wave to reach 895.7 as a next negative station, while breaching the resistance represents positive factor that will lead the price to start recovery attempts and regain the main bullish trend, to start the positive targets at 928.20.

The expected trading range for today is between 905.00 support and 920.00 resistance.

The expected trend for today: Depends on the above mentioned levels