Soybean prices have exhibited a significant downward trajectory, with a strong downward bounce recorded in recent trading sessions. This negative momentum has continued into today’s trading, resulting in a break below the key support level at 1311.70. A closer analysis of the price chart reveals the formation of a double top pattern, with the confirmation line situated at 1295.00. This pattern suggests that breaching the confirmation level may prompt further declines, with potential targets reaching the 1266.30 area.
Consequently, we anticipate further price declines in the forthcoming sessions. It’s crucial to note that surpassing the 1311.70 level could alleviate the current downward pressure and potentially lead to a price recovery.
Today’s Expected Trading Range and Trend
The expected trading range for the current day is projected to range between 1270.00, offering support, and 1315.00, acting as a resistance level. The prevailing trend for today is bearish, reflecting the ongoing negative sentiment in the soybean market.
Market participants are encouraged to closely monitor these developments as they formulate their strategies and positions in response to the evolving dynamics within the soybean market.
