Soybean prices approached the anticipated target of $1131.40, bolstered marginally by stochastic indicators suggesting a bullish tilt. However, the EMA50 continued to exert downward pressure, reinforcing expectations of sustained bearish momentum in the short term. A breach of the aforementioned level could drive prices towards further declines, potentially testing support around the $1100.00 mark.
Conversely, surpassing $1157.70 might interrupt the projected downtrend, paving the way for a recovery towards initial resistance at $1193.10.
Today’s trading outlook suggests a range-bound movement between support at $1115.00 and resistance at $1150.00.
Forecast Trend: Bearish