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The price of soybeans is currently experiencing a downturn, with indications of negative trades as it strives to distance itself from the $1193.10 threshold. This reinforces the prevailing sentiment of a continued bearish trend in the forthcoming sessions. Analysts are eyeing anticipated targets ranging from $1164.00 to $1131.40.
The downward pressure exerted by the EMA50 underscores the prevailing negative scenario, which remains intact unless the price manages to stage a rally and surpass the $1193.10 mark, substantiated by a daily close above this level.
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The anticipated trading range is projected between the support level at $1160.00 and the resistance level at $1200.00, reflecting the current market dynamics.
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Trend Outlook: Bearish
