Soybean Prices Face Downward Pressure

by Jennifer

Soybean prices encountered robust negative pressure in the previous session, breaking the crucial level of 1385.00. The market exhibited a bearish rally, heading towards a potential approach to the support line of the bullish channel, positioned around 1332.60. This reinforces the bearish bias anticipated in the upcoming sessions, with a confirmation contingent upon a break below 1348.30, signaling a continuation of the downward trend towards the expected target.

It is imperative to consider that a breach of 1365.30 would impede the suggested decline, paving the way for a potential recovery in prices.

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The projected trading range for the current session is expected to fluctuate between the support level at 1330.00 and the resistance level at 1375.00.

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The prevailing trend for today is anticipated to be bearish, subject to the outlined technical considerations.

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