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In today’s forecast for April 16, 2024, soybean price continues to face downward pressure as it remains below the bearish channel’s resistance line. This negative momentum is reinforced by the presence of the EMA50, indicating a sustained bearish trend in the near term. Our next target for the downward movement is projected to be at $1131.40.
However, it’s essential to highlight that a breach above $1193.10 would invalidate the expected decline, potentially leading to a new bullish correction with a target around $1231.20.
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The expected trading range for today is anticipated to be between $1150.00 as support and $1190.00 as resistance.
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Trend Forecast: Bearish
