Soybean prices have decisively breached the critical support level of 1311.70, confirming the bearish outlook as signaled by the closure of the daily candlestick below this threshold. This development strengthens the prevailing expectations of an extended bearish trend, with the next anticipated targets set at 1296.00, followed by 1280.00.
The significance of remaining below the 1311.70 level cannot be overstated for the continuation of the anticipated decline. Any breach of this level, however, would mark a pivotal point for the initiation of a bullish wave on the intraday basis. In such a scenario, the market may witness attempts at recovery, aiming to offset some of the recent losses.
Market participants are advised to monitor the soybean market closely, with the expected trading range for today identified between the support level at 1290.00 and the resistance level at 1325.00. As the prevailing trend leans bearish, investors are encouraged to stay attuned to potential market shifts and respond accordingly.
Expected Trend for Today: Bearish
