Current Scenario:
The price of soybeans is currently hovering around the $1321.20 level, showing signs of consolidation below this point. Stochastic indicators are providing negative signals, suggesting a resumption of the bearish trend on an intraday basis. The next target is set at $1193.10.
Maintaining a position below $1231.20 is crucial for the continuation of the expected decline. A breach above this level would disrupt the negative outlook and could trigger a bullish correction, with a subsequent target of $1262.10.
Expected Trading Range:
Support: $1210.00
Resistance: $1240.00
Trend Forecast: Bearish
Analysts are closely monitoring these levels to determine the future trajectory of soybean prices. The current indicators support a bearish trend, but traders should be prepared for potential shifts if key resistance levels are breached.