As of February 8, 2024, soybean prices have registered new negative trades, with proximity to the 1180.00 level. Notably, the stochastic indicator is displaying a clear loss of positive momentum, serving as an indication for potential further declines towards the next target at 1171.50.
The ongoing bearish wave remains structured within a bearish channel, consistently supported by the EMA50. It is crucial to monitor the price behavior closely, and a breach of the resistance at 1202.50 would signal a potential initiation of a bullish correction. This correction could mark a reversal of the preceding downtrend that commenced from the 1380.30 levels.
The anticipated trading range for the day is expected to fluctuate between the support level of 1175.00 and the resistance level of 1205.00.
Projected Trend for Today: Bearish
