The price of soybeans is expected to continue its bearish trend, moving closer to the initial target of $1150.00. A break below this level would set the stage for a further decline towards the next target of $1131.40. The EMA50 continues to lend support to this bearish wave, maintaining its validity as long as the price remains below $1193.10, with $1202.00 being a crucial resistance level.
Expected Trading Range:
Support: $1140.00
Resistance: $1180.00
Trend Forecast: Bearish
The soybean market remains under pressure, with technical indicators and moving averages pointing towards continued declines. Traders should watch for price stability below key resistance levels to confirm the bearish trend.