The price of soybeans exhibited a bearish rebound subsequent to testing the resistance of the bearish channel outlined on the chart. This movement led to a successful touch of our initial target at 1204.10, where it currently resides. The market now awaits a decisive breach of this level to validate the continuation of the bearish momentum within the established channel, targeting 1171.50 as the subsequent objective.
The prevailing outlook suggests a persistence of the bearish trend in the upcoming period, contingent on the condition that the price does not breach 1220.00 and maintains a position above this threshold.
For today’s trading parameters, the expected range spans between the support level of 1190.00 and the resistance level of 1220.00.
In summary, the projected trend for today remains bearish, with close attention to the critical level of 1220.00 for potential shifts in market dynamics. Traders are advised to stay vigilant and adapt to evolving conditions.
