Advertisements

Soybean Price Analysis: Bearish Trend Forecast Amidst Negative Trades

by Daisy

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.

Advertisements

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.

Advertisements

The expected trading range is anticipated to fluctuate between the support level of $1140.00 and the resistance at $1170.00.

Forecast: Bearish

You May Also Like

blank

Futuresstocktrading.com is a comprehensive futures information portal. Whether you’re a novice or seasoned trader, find futures news, futures market, futures trading tips, and futures basic knowledge to enhance your trading prowess and financial success.

[Contact us: [email protected]]

© 2023 Copyright  Futuresstocktrading.com – Futures Market, Investment, Trading & News