Soybean prices have successfully breached the critical support level at 1266.30, distancing itself from this level. This development strongly supports the ongoing bearish trend scenario, paving the way for a potential move towards the next target at 1232.00.
It is important to emphasize that the price is currently influenced by a head and shoulders pattern, evident on the chart, with negative implications that extend beyond the mentioned level. Sustaining the bearish wave requires the price to remain below 1266.30, serving as a key condition for the continuation of the downward trajectory.
The projected trading range for today is expected to fluctuate between the support level at 1235.00 and the resistance level at 1270.00.
In summary, the prevailing trend for today is bearish, with the Soybean price exhibiting indications of continued downward movement following the successful break of the critical support level at 1266.30.
