Soybean prices have resumed their downward trajectory, surpassing the anticipated target of $1131.40 and confirming the prevailing bearish trend. The market is currently following a bearish channel as indicated on the chart, reinforcing the likelihood of further declines towards the next target at $1100.00.
Looking ahead, the bearish outlook is expected to persist in the upcoming period. However, a breakout above key resistance levels at $1131.40 and $1142.50 could signal a reversal of the bearish momentum, potentially initiating a bullish correction in the short term.
Expected Trading Range: The soybean price is anticipated to fluctuate between support at $1100.00 and resistance at $1130.00.
This analysis suggests a continued bearish sentiment in soybean pricing, contingent upon price movements within the identified trading range.