Soybean price under the negative pressure – Analysis - 01-12-2020

Soybean price traded with clear negativity yesterday to surpass 1175.00 and reach 23.6% Fibonacci correction level at 1162.10, noticing that stochastic provides positive signals now, to start motivating the price to provide positive trades and attempt to regain the main bullish trend.

Therefore, we expect witnessing positive trades in the upcoming sessions, and the targets begin at 1198.70 and extend to 1225.00 after surpassing the previous level, noting that breaking 1162.10 will press on the price for more bearish correction that its next target reaches 1139.50.

The expected trading range for today is between 1160.00 support and 1185.00 resistance.

The expected trend for today: Bullish