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Today’s Forecast – 07-06-2024 – Soybean Price Trying to Rally

by Daisy

In the recent trading session, soybean prices exhibited notable positive movement, reaching the $1180.00 level. However, indicators such as the stochastic signal the presence of overbought conditions, while the EMA50 exerts sustained downward pressure on the price.

In light of these indicators, analysts anticipate a resumption of the bearish trend in the short-term and intraday periods. Initial downside targets are identified at $1150.00, with further potential decline extending to $1131.40. It’s imperative to note that for the bearish momentum to sustain, prices must remain below the $1193.10 level, and crucially, below $1202.00.

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Expected Trading Range

Market analysts anticipate trading activity to oscillate between the support level at $1150.00 and the resistance level at $1190.00.

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Trend Forecast

The overall trend forecast for soybean prices remains bearish, in line with the analysis provided above.

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