Soybean Prices Seek Negative Momentum to Confirm Bearish Trend

by Jennifer

Soybean prices persist in a lateral movement within the established sideways range, as depicted on the chart. The critical threshold for a potential shift in market dynamics lies at the 1236.00 level. A decisive break below this point is deemed necessary to reinforce expectations of a sustained continuation of the primary bearish trend. The primary downside target rests at the 1193.00 areas.

The bearish trend scenario retains validity, fortified by the presence of the EMA50, unless a rally prompts a breach of the 1266.30 mark, coupled with a confirmed hold above this level.

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The anticipated trading range for today is anticipated to fluctuate between the support at 1225.00 and the resistance at 1255.00.

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Today’s overall trend outlook leans towards a bearish trajectory, with careful monitoring of the critical level at 1236.00 to gauge the potential resumption of the primary bearish trend.

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