The soybean price recently underwent a test of the critical support level at 1131.40. However, the price has not managed to breach this level, leading to its current consolidation between the pivotal support and the resistance at 1160.00. Given this range-bound movement, a neutral stance is recommended until the price provides a clear confirmation by breaking either of these levels.
A breakdown below the mentioned support at 1131.40 would signal a continuation of the primary bearish trend, with downside targets initiating at 1110.00, followed by 1090.00. On the contrary, a breach of the resistance level would introduce a positive factor, potentially leading to a bullish correction. The initial target for this correction is set at 1193.10.
The anticipated trading range for today is expected to oscillate between the support at 1125.00 and the resistance at 1160.00, reinforcing the current neutral outlook.
Expected Trend for Today: Neutral
