Yesterday, soybean prices experienced a temporary increase, testing the EMA50. However, indicators such as stochastic show a loss of positive momentum, now indicating a potential shift towards a negative trend. Analysts anticipate this will prompt a continuation of the expected bearish trajectory in the near future, with a target of $1131.40.
Conversely, breaching the $1167.00 mark would halt the anticipated decline, potentially triggering a recovery towards the $1193.10 range before any renewed downward pressure.
Looking at the expected trading range, support is seen around $1135.00, while resistance stands at $1170.00.
Trend Forecast: Bearish