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Soybean Prices Analysis Points to Bearish Outlook

by Daisy

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.

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Looking at the expected trading range, support is seen around $1135.00, while resistance stands at $1170.00.

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Trend Forecast: Bearish

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