Soybean prices have successfully approached our anticipated target at $1131.40, demonstrating a marginal bullish bias influenced by stochastic positivity. However, it’s noteworthy that the EMA50 continues to exert sustained downward pressure on the price, bolstering the prospects for continued bearish dominance in both intraday and short-term perspectives. A breach of the mentioned target level could potentially drive the price towards additional downward targets, with levels nearing $1100.00.
Conversely, it’s essential to highlight that surpassing the $1157.70 mark would disrupt the anticipated decline, potentially initiating a recovery phase and testing levels around $1193.10 initially.
Expected Trading Range
Today’s projected trading range is expected to fluctuate between the support level of $1115.00 and the resistance level of $1150.00.
Trend Forecast: Bearish
