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Expected Scenario
Soybean prices have continued to decline, approaching the $1150.00 level. Starting today with a bullish bias influenced by stochastic positivity, we anticipate a resumption of the bearish trend upon receiving negative momentum. The next target is set at $1131.40.
Therefore, our bearish outlook remains valid and active unless the price rallies to breach $1193.10, followed by $1202.00, and holds above these levels.
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Expected Trading Range
Support: $1150.00
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Resistance: $1185.00
Trend Forecast: Bearish
In summary, the soybean price is expected to continue its bearish trend towards $1131.40, provided it stays below the key resistance levels of $1193.10 and $1202.00.
