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Soybean Price Consolidates Below Resistance Level – Forecast for April 8, 2024

by Jennifer

In the latest analysis of soybean prices, the market remains entrenched around the $1193.10 threshold, sustaining stability below it thus far, thereby affirming the continuation of our bearish outlook. The primary targets for the bearish scenario remain at $1164.00, followed by $1131.40.

Further bolstering the expectations for a downward trajectory is the indication from stochastic indicators, which continue to lose positive momentum.

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The expected outcome maintains the stability of soybean prices below the $1193.10 level, reinforcing the bearish sentiment with target levels set at $1164.00 and $1131.40. The declining positive momentum observed in stochastic indicators further underpins the anticipation of a downturn. However, a breakthrough above $1193.10, coupled with sustained trading above this level, would invalidate the bearish scenario, potentially paving the way for a bullish correction on an intraday basis.

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The projected trading range spans between the support level at $1165.00 and resistance at $1205.00.

In summary, the trend forecast for soybean prices remains bearish, contingent upon the ability to maintain stability below key resistance levels amid prevailing market conditions.

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