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