Soybean prices exhibited robust bearish movements in recent sessions, reaching the anticipated target of 1311.70. A closer examination of the price chart reveals the completion of a head and shoulders pattern, which suggests further bearish momentum. The pattern’s downside targets extend beyond the mentioned level, aiming for 1280.00, followed by 1266.30.
Consequently, we maintain our bearish outlook for the upcoming period, emphasizing the significance of staying below 1348.30 to realize the projected targets.
Today’s expected trading range is situated between the support at 1290.00 and the resistance at 1335.00.
In summary, soybean prices have approached the designated target, driven by the bearish pattern’s completion. Traders should remain cautious and monitor price movements while considering the noted support and resistance levels in their trading strategies.
