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Soybean Price Holds within Channel, Eyes Lower Levels – Market Forecast 01-07-2024

by Daisy

Today, soybean prices made a notable attempt to break above the upper boundary of a bearish channel. However, encountering robust resistance from the EMA50, the price retraced, settling back within the channel. This reaffirms the prevailing bearish trend, with analysts eyeing a potential descent towards the $1060.00 mark as the next significant target.

Critical to this bearish outlook is maintaining levels below $1107.00, seen as pivotal for sustaining downward momentum. A breach of this level could potentially lead to a test around $1131.40 before any renewed downward pressure.

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In terms of anticipated trading ranges, support is expected around $1080.00, while resistance remains firm near $1115.00. These levels are crucial in defining short-term market sentiment and price action.

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This consolidation within the bearish channel underscores cautious market sentiment, with traders closely monitoring key support and resistance levels for further price guidance.

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