Expected Scenario
The price of soybean exhibited clear negativity in yesterday’s trading session, reactivating the bearish trend scenario and signaling a move towards achieving negative targets. The initial target for the decline is set at testing the $1193.10 level. It is noteworthy that the price has formed a double top pattern, which is anticipated to contribute to further decline on a longer-term basis.
Expectations point towards the continuation of the bearish trend in the upcoming sessions. However, it is essential to monitor the price action closely, as a breach of the $1231.20 level would halt the expected decline and potentially lead the price to reverse its direction and begin rising.
Expected Trading Range
The anticipated trading range spans from the support level of $1190.00 to the resistance level of $1225.00.
Trend Forecast: Bearish
