Soybean Price Analysis
Today, soybean prices reached our anticipated target at 1130.60$, encountering significant resistance which has prompted a negative start to trading. This suggests a potential continuation of the primary bearish trend, with the next downside target set towards the recent low at 1095.60$.
The outlook for upcoming sessions remains negative, supported by current stochastic indicators showing negativity. It is essential to monitor closely the support level at 1095.00$, as breaking below this point could reinforce further bearish momentum.
However, a breakout above the resistance level at 1130.60$ would invalidate the expected decline, potentially triggering additional bullish corrections with a target around 1152.20$.
Expected Trading Range
The expected trading range for today is projected between a support level of 1095.00$ and a resistance level of 1130.00$.
Trend Forecast: Bearish
