Technical analysis: CBOT soybean prices test key support levels on July 6

July 6th, Economies analysts’ latest opinion today: CBOT soybean prices were negative yesterday, testing the key support level of 1348.30, which is the next key point of the trend besides the resistance level of 1385.00.

As we mentioned yesterday, the price needs to break one of these two points to clearly define the next target, which makes us remain neutral for now.

A break above the support level will put the price under negative pressure with an initial target of 1311.70, while a break above the resistance level will allow the price to continue to recover towards the next target of 1430.40.

Today’s expected trading range is between 1320.00 support and 1400.00 resistance.