Soybean prices have dipped beneath the crucial level of 1311.70, and upon closer examination of the price chart, it becomes evident that a head and shoulders pattern has taken shape. The confirmation line for this pattern is situated at 1298.00. Should this level be breached, it would trigger the negative implications of this pattern, leading to a resumption of the anticipated bearish trend on an intraday basis, with the next key target residing at 1266.30.
Consequently, the bearish outlook maintains its validity, contingent on the price remaining below the 1311.70 level to realize the anticipated price objectives.
For today’s trading activities, market observers project a trading range spanning from the 1275.00 support level to the 1315.00 resistance level. This reiterates the prevailing bearish sentiment in the soybean market, with investors closely monitoring developments as they navigate the evolving price dynamics.
