The price of soybeans is revisiting the resistance of the bearish channel depicted on the chart, and it remains below this level. The EMA50 is exerting consistent downward pressure on the price, reinforcing the likelihood of a resumption of the anticipated bearish trend in the near term. The next significant target for this bearish trend is around 1171.50.
Consequently, the analysis suggests maintaining a bearish outlook for the intraday and short-term periods, contingent on the price remaining below 1202.50.
The anticipated trading range for today is expected to be between the support level at 1175.00 and the resistance level at 1205.00.
To sum up, soybean prices are testing the resistance of the bearish channel, and traders are encouraged to monitor the key support and resistance levels for potential trading decisions.
