The soybean market witnessed a notable decline in prices yesterday, signaling a resurgence of the bearish trend and setting the stage for further downward movement towards projected negative targets, with an initial test anticipated at the $1193.10 level. Noteworthy is the formation of a double top pattern, indicating the potential for sustained declines over the long term.
Expectations for the forthcoming sessions lean towards the continuation of the bearish trajectory, with a pivotal level at $1231.20. A breach of this resistance could halt the anticipated decline and prompt a reversal towards upward movement.
Expected Trading Range
Traders should anticipate a trading range bounded by support at $1190.00 and resistance at $1225.00.
Trend Forecast
The overall trend forecast remains bearish, suggesting a prevailing sentiment towards downward movement in soybean prices.