Soybean Price Analysis
Soybean prices have successfully reached and surpassed our first target at $1193.10, settling below this level. Today, the price exhibits a clear additional decline, reinforcing expectations of a continued bearish trend. The next negative targets are set at $1150.00, with potential further declines to $1131.40.
Expected Scenario
We continue to suggest a bearish trend for the upcoming period, provided the price does not breach the $1193.10 level followed by $1202.00 and maintain stability above these levels.
Expected Trading Range
Support: $1155.00
Resistance: $1195.00
Trend Forecast: Bearish
The technical indicators suggest that the bearish trend is likely to persist. Traders should monitor the $1193.10 level closely; if the price fails to break above this level and holds, further declines towards $1150.00 and potentially $1131.40 are expected. Conversely, breaching $1193.10 and $1202.00 could lead to a potential reversal or temporary recovery in soybean prices.
