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Current Scenario:
The price of soybeans continues to show a bearish bias, moving closer to the initial target of $1,150.00. This bearish trend is expected to remain valid, with a break below this level likely pushing the price further down to $1,131.40. The EMA50 continues to support this bearish outlook. For the bearish scenario to remain intact, the price must stay below $1,193.10, and more importantly, below $1,202.00.
Expected Trading Range:
The anticipated trading range for soybeans is between a support level of $1,140.00 and a resistance level of $1,180.00.
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Trend Forecast:
The overall trend for soybeans remains bearish.
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