Soybean Price Analysis
Soybean prices recently made an attempt to break above the resistance line of a bearish channel but encountered strong resistance from the EMA50, resulting in a subsequent decline and consolidation within the channel. This maintains the overall bearish trend scenario, with the next significant target expected around $1060.00.
To sustain the expected decline, it is crucial for the price to remain below $1107.00, with a potential test towards $1131.40 before any further attempts to resume a bearish trajectory.
Expected Trading Range
Market expectations suggest a trading range with support at $1080.00 and resistance at $1115.00 for the immediate trading sessions.
Trend Forecast: Bearish
The trend forecast remains bearish for soybean prices in the near term.
