The current market conditions for soybean price reveal a continuation of negative trades, observed subsequent to the recent test of the Exponential Moving Average 50 (EMA50) in preceding sessions. This development aligns with our overarching expectations of the main bearish trend persisting, with an anticipated descent to the first station at 1311.70. It is worth noting that a breach of this level would further propel the price towards the subsequent negative target at 1295.00.
Conversely, it is essential to recognize that a breakthrough of the resistance at 1330.00 could pave the way for a recovery, directing the price to test 1348.30 areas before any potential resumption of a decline.
In light of the current market dynamics, the envisaged trading range for the present day is anticipated to span between the support level at 1300.00 and the resistance level at 1335.00. These specified levels are integral reference points for traders navigating the soybean market.
The overall trend for today leans bearish, hinging on the sustained support at 1311.70. Traders are advised to exercise caution, closely monitoring market developments and staying attuned to potential shifts in sentiment, with a particular emphasis on the crucial support and resistance levels outlined above.
