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Soybean price is currently displaying clear bearish sentiment, following a strong resistance formed by the bearish channel on the chart. This decline has placed significant downward pressure on the price, bringing it closer to the crucial support level at 1266.30. We anticipate further decline beyond this level, with additional targets around 1245.00.
As such, we expect a bearish bias to persist in the upcoming sessions, with support from the negative influence of the EMA50. However, if the price manages to breach 1291.00, it could halt the expected decline and potentially trigger a reversal to the upside.
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Today’s Expected Trading Range: 1245.00 – 1285.00
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Today’s Trend Outlook: Bearish
