Soybean prices are once again on a decline, with a primary focus on testing the critical support level at 1266.30. The prevailing sentiment suggests a viable likelihood of breaching this support, paving the way for an extended bearish phase towards the 1245.00 regions in the near term.
The bearish trend remains our preferred outlook for the coming period, further reinforced by the influence of the EMA50 exerting negative pressure on prices. It’s essential to emphasize that maintaining a position below 1284.50 is pivotal for the sustained decline we anticipate.
With this backdrop in mind, the projected trading range for the current session is expected to range between the support at 1250.00 and resistance at 1285.00, in line with the overarching bearish sentiment.
