Expected Scenario:
Soybean price continues its downward trajectory, nearing the anticipated target at $1,193.10. The completion of the double top pattern on the chart suggests further downside momentum, with a potential extension towards the $1,150.00 areas as the next significant level.
Expected Outlook:
The bearish trend is expected to persist on the intraday basis, with a focus on reaching the identified target. However, failure to breach the support at $1,193.10 could prompt the price to initiate recovery attempts, targeting the resistance at $1,231.20.
Expected Trading Range:
The anticipated trading range is between the support at $1,180.00 and the resistance at $1,215.00.
Trend Forecast: Bearish
In summary, soybean price is likely to continue its bearish trend, with potential downside movement towards the specified target. Traders should monitor key support and resistance levels for potential reversal signals.
