Recent trading sessions have witnessed soybean prices engaging in sideways movements, commencing the current session with a discernible uptick, hovering around 1246.00. This movement is influenced by the positive stance in stochastic indicators, awaiting a shift to negative momentum that could prompt the price to resume the bearish trajectory, targeting its next significant level at 1193.00.
As of now, the bearish trend remains anticipated for the upcoming period. It is noteworthy that a breach of the 1266.30 level would halt the negative scenario, potentially leading to an upward reversal in prices.
The projected trading range for today is expected to fluctuate between the support level of 1225.00 and the resistance level of 1255.00.
Today’s expected trend: Bearish
