Soybean prices have successfully reached and surpassed our previously anticipated target at 1311.70. The market’s ability to break below this level and close the daily candle below it strengthens the expectations for continued bearish dominance. This bearish sentiment is influenced by the presence of a double top pattern on the chart. As such, our next target levels are extended to 1280.00, followed by 1266.30.
The presence of the EMA50 further supports the continuation of the expected decline. However, it’s worth noting that breaching the 1311.70 level would constitute an initial positive factor, potentially triggering attempts at recovery and the formation of a bullish wave on an intraday basis.
Today’s anticipated trading range is expected to be between support at 1285.00 and resistance at 1325.00. The overall trend bias for today remains bearish.
Today’s Expected Range: 1285.00 (Support) – 1325.00 (Resistance)
Anticipated Trend for the Day: Bearish
