Soybean prices have successfully reached our previously indicated target at 1348.30 and are currently trading near this level. To extend the negative momentum, it is advisable for the price to surpass this level, which would pave the way for additional downside targets, notably around the 1311.70 areas in the near term.
Therefore, the bearish trend scenario remains both valid and active, characterized by its containment within the bearish channel evident on the chart. It is essential to note that failure to breach the 1348.30 level may prompt the price to initiate recovery attempts targeting the 1374.50 areas before any subsequent decline.
The anticipated trading range for today is expected to be situated between the support at 1320.00 and the resistance at 1365.00.
The prevailing trend for today suggests a bearish bias.
Traders should remain vigilant, closely monitoring price developments, and considering potential entry or exit points accordingly.
