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Soybean prices encountered robust downward pressure in the previous session, nearing our awaited target of 1311.70. The path appears open for further descent, extending beyond this level to attain additional negative targets, with a focus on reaching 1296.00.
Expectations lean towards a sustained bearish sentiment in the forthcoming sessions, supported by the adverse pressure exerted by the EMA50. It is important to note that a breach of 1330.00 might instigate intraday gains, leading to a test of 1348.30 before the possibility of a renewed downturn.
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For today’s trading, the anticipated range is set between support at 1295.00 and resistance at 1335.00.
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Anticipated Trend for Today: Bearish
