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Soybean prices exhibited distinct negative movements in recent sessions, undergoing a test of the EMA50, which acted as a solid support at the 1333.00 level. Analysts emphasize the importance of surpassing this level to validate the ongoing dominance of the bearish trend on an intraday basis. The primary target for this scenario is established at 1311.70.
Crucially, maintaining levels below 1348.30 is key for the continuation of the anticipated bearish scenario. A breach of this threshold would signify the potential initiation of a bullish wave, targeting levels of 1373.00, followed by 1385.00 in the near term.
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Expected Trading Range: $1310.00 (Support) – $1348.00 (Resistance)
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Expected Trend: Bearish
