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Soybean Price Nears Target Amidst Persistent Bearish Trend

by Jennifer

Soybean prices have exhibited a continued decline, surpassing the EMA50 and approaching the awaited target at 1311.70. Today’s market opening indicates a further downturn, suggesting a potential break below this level and signaling a pathway to achieve additional negative targets, with 1295.00 identified as a key area.

The prevailing bearish trend is anticipated to persist in the upcoming period. It is important to monitor the 1330.00 level, as a breach might lead to a test of 1348.30 areas before considering any new attempts at a decline.

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For today’s market movements, the expected trading range is projected to fluctuate between the support level at 1295.00 and the resistance level at 1335.00.

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In summary, the soybean market continues to showcase a bearish sentiment, emphasizing the proximity to the target and the potential for further downward movements in the current market conditions.

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