Soybean prices are revisiting the 1266.30 level, exerting downward pressure and awaiting a break below this level to confirm the extension of the bearish wave on both intraday and short-term bases. It’s crucial to note that the next target for this bearish movement is set at 1232.00.
The negative influence of the active head and shoulders’ pattern continues to support the continuation of the bearish trend. Traders should remain cautious, as breaching the resistance at 1290.00 would negate the anticipated decline, potentially leading to intraday gains. Initial targets for a bullish scenario would be around 1296.00 before any new negative attempt.
For today’s trading, the expected range is between the support level at 1250.00 and the resistance level at 1285.00. The prevailing trend for today is considered bearish. Traders are advised to closely monitor price movements, with a particular focus on key support and resistance levels for well-informed decision-making.
