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Soybean Price Analysis
Expected Scenario:
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Soybean price experienced a clear decline yesterday after testing the $1131.40 level in previous sessions, reinforcing expectations for a continuation of the bearish trend on both intraday and short-term bases. Currently, we anticipate a potential move towards the next target at $1100.00. Today’s positive start is influenced by stochastic positivity, which may lead the price to test the resistance of the bearish channel before resuming its decline. It’s crucial to note that the bearish momentum will likely persist as long as the price remains stable below $1131.40.
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Key Levels to Watch:
- Support: $1100.00
- Resistance: $1130.00
Expected Trading Range:
Between $1100.00 (support) and $1130.00 (resistance).
Trend Forecast:
Bearish
