Soybean prices encountered robust negative pressure in the previous session, breaking the crucial level of 1385.00. The market exhibited a bearish rally, heading towards a potential approach to the support line of the bullish channel, positioned around 1332.60. This reinforces the bearish bias anticipated in the upcoming sessions, with a confirmation contingent upon a break below 1348.30, signaling a continuation of the downward trend towards the expected target.
It is imperative to consider that a breach of 1365.30 would impede the suggested decline, paving the way for a potential recovery in prices.
The projected trading range for the current session is expected to fluctuate between the support level at 1330.00 and the resistance level at 1375.00.
The prevailing trend for today is anticipated to be bearish, subject to the outlined technical considerations.
