Soybean Price Analysis: Predicted Scenario
Yesterday, soybean prices demonstrated evident positive trades, testing the $1180.00 level. However, it’s noteworthy that the stochastic indicator currently exhibits clear overbought signals, while the EMA50 exerts continuous downward pressure on the price.
In light of these indicators, we anticipate a potential resumption of the bearish trend on both intraday and short-term bases. Initial targets for this downward movement lie at $1150.00, extending further to $1131.40. It’s crucial to bear in mind that the continuation of the bearish wave hinges upon remaining below $1193.10, with utmost importance placed on maintaining levels below $1202.00.
Expected Trading Range
The expected trading range spans between a support level of $1150.00 and a resistance level of $1190.00.
Trend Forecast: Bearish
