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Soybean prices showed notable positivity yesterday, approaching the resistance line of the primary bearish channel. This level intersects with the minor bullish channel’s resistance, forming a bearish flag pattern as noted previously. The presence of additional negative signals, particularly from the Stochastic indicator, suggests a potential bearish reversal.
If the price breaks below the $970.00 mark, it will activate the bearish pattern’s effect, potentially pushing the price down to targets around $930.00.
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We maintain a bearish outlook for the near term, provided the price remains below $994.00.
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Today’s expected trading range is between $965.00 for support and $995.00 for resistance.
Trend Forecast: Bearish
