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Soybean Price Challenges Moving Average, Bearish Outlook Looms

by Jennifer

Soybean prices exhibited a bullish rebound in the preceding session, surging to test the critical EMA50, a key resistance level at 1330.00. Despite the bullish momentum, the price has maintained its position below this resistance level, with stochastic indicators signaling a clear loss of positive momentum as it enters overbought territory.

In light of these developments, analysts are inclined to consider the prospects of a resumption in the anticipated bearish trend for the forthcoming period. Initial downside targets begin with a test at 1311.70. It is imperative to note that breaching the resistance at 1330.00 could potentially alter this bearish outlook, paving the way for additional gains and a visit to 1348.30 before any new attempts at a downward correction.

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For today’s trading, the anticipated range is projected between a support level at 1305.00 and a resistance level at 1340.00. The prevailing trend for the day is expected to be bearish, reflecting the resistance encountered at the EMA50 and the weakening momentum indicated by stochastic readings.

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Market participants are advised to closely monitor these key levels and indicators as they navigate the soybean market, preparing for potential shifts in the price dynamics.

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