Soybean prices exhibited brief positive movements in the previous session, encountering resistance in breaking the 1266.30 level. The current session begins with a renewed decline, influenced by stochastic indicators displaying negative signals. Market observers are keenly watching for a potential breach of the mentioned level, which could pave the way for a descent towards 1232.00, constituting the next downside target.
The overarching scenario suggests a continued bearish trend in both the intraday and short-term outlooks. This is influenced by the recognizable head and shoulders pattern that has manifested on the charts. It is crucial to monitor the price action around the 1266.30 level, as a failure to breach it might prompt additional gains, potentially reaching up to 1311.70 before any subsequent attempt at a downturn.
For today, the expected trading range is anticipated to oscillate between the support level at 1245.00 and the resistance level at 1285.00.
Expected Trend for Today: Bearish
