Soybean prices displayed a notable upturn in recent trading, making an attempt to breach the 1311.70 level. However, it’s crucial to note that the daily closing price remained below this level. This situation has kept the bearish trend scenario intact, with the market still eyeing a potential break of 1295.00 to confirm a downward move towards the next significant target at 1266.30.
The stochastic oscillator is currently in a negative overlap, further supporting expectations of a decline in the upcoming sessions. This bearish outlook remains valid as long as the price remains below 1311.70.
The projected trading range for today is expected to oscillate between the support level at 1270.00 and the resistance at 1315.00, in line with the ongoing bearish sentiment.
Current Trend: Bearish
