Soybean prices have encountered robust resistance at the 1385.00 level, compelling a bearish rebound. The market is now poised to potentially visit support levels at 1348.30, followed by 1340.00. This sets the stage for an anticipated bearish trend in the upcoming trading sessions, further supported by the price moving below the EMA50.
The maintenance of levels below 1367.00 is a crucial condition for the continuation of the expected decline. Breaching this level would halt the current negative pressure, potentially prompting a recovery attempt and a retest of the 1385.00 resistance.
The expected trading range for the current session is projected to fluctuate between the support level at 1345.00 and the resistance level at 1380.00. The overall trend expectation for today is bearish. Traders are advised to monitor price movements closely, with attention to the specified support and resistance levels guiding their trading decisions.
