The soybean price surged significantly yesterday, reaching the resistance line of the bearish channel as depicted on the chart. This move is accompanied by clear negative signals from stochastic indicators, suggesting imminent downward pressure in the coming sessions. The price is expected to initiate a bearish wave, aiming to test the support line of the mentioned channel.
Consequently, a bearish outlook is forecasted for today. Initial targets are set at $1048.00, with the potential to extend to $1022.00. However, if the price breaks above $1078.00, it could halt the anticipated decline and trigger a short-term bullish correction.
The expected trading range for today is between $1045.00 for support and $1090.00 for resistance.
Trend Forecast: Bearish
