Soybean prices experienced renewed negative trades yesterday, nearing the 1232.00 level once again. Despite a temporary upturn aiming for intraday gains, a notable loss of positive momentum in the stochastic indicator suggests a potential continuation of the anticipated bearish trend on both intraday and short-term horizons. The downside targets extend to reach 1193.00 following a breach of the aforementioned level.
The validity and activity of the negative scenario persist unless the price manages to rally and breach the crucial level at 1266.30, substantiated by sustained consolidation above it.
For today’s trading, the expected range is between support at 1225.00 and resistance at 1255.00, encapsulating the potential price movements in the current market conditions.
The prevailing trend for today leans towards a bearish sentiment, underlining the anticipation of further declines in soybean prices. Traders are advised to stay attuned to potential developments and closely monitor key support and resistance levels for decisive insights into market movements.
