Soybean prices exhibited positive trades today, notably testing the resistance line of the intraday bearish channel. The EMA50 intersecting with this resistance further bolstered its strength.
Despite these positive developments, market analysis indicates a continuation of the primary bearish trend. The next target is projected at $1131.40, contingent upon maintaining resistance below $1193.10.
Traders are advised to operate within the expected trading range for today, spanning from support at $1155.00 to resistance at $1195.00.
The trend forecast maintains a bearish outlook, underscoring the prevailing negative sentiment surrounding soybean prices. Market participants should monitor market dynamics closely and adapt their strategies accordingly to navigate potential fluctuations.
