The price of soybeans has significantly breached the critical support level of 1204.10, firmly establishing itself below this mark. This break underscores the prevailing bearish sentiment on both intraday and short-term perspectives, setting the stage for a continued downward trajectory with the next target positioned at 1171.50.
The organized bearish wave is delineated by a bearish channel, further supported by the EMA50. The persistence of this configuration reinforces expectations for the continuation of the bearish trend. It is imperative to closely monitor the resistance level at 1214.50, as a breach of this threshold could interrupt the anticipated decline, potentially initiating a corrective bullish wave on an intraday basis.
For today’s market outlook, the projected trading range is estimated to fluctuate between the support level at 1175.00 and the resistance level at 1205.00. Traders and investors are advised to exercise caution and remain attentive to these crucial levels, as they play a pivotal role in determining potential shifts in market dynamics.
In summary, the prevailing trend for today remains bearish, contingent upon the ability to sustain levels below 1214.50. However, vigilance is crucial, as a breach of the mentioned resistance may prompt a reassessment of the market’s direction, leading to a potential correctional bullish wave.
