Yesterday witnessed a downturn in soybean prices, signaling a bearish trend as it approached the awaited target of $1150.00. Analysts predict a further downward trajectory with a potential decline to $1131.40.
The recent market movements reflect a double top pattern, evident in chart indicators, which is exerting downward pressure on prices.
Maintaining a position below $1172.00 is crucial for the continuation of the anticipated decline. However, breaching this level could lead to temporary intraday gains, potentially testing the $1193.10 mark before any renewed negative momentum.
The expected trading range is anticipated to fluctuate between the support level of $1140.00 and the resistance at $1170.00.
Forecast: Bearish