Soybean prices exhibited a bullish rebound in the preceding session, surging to test the critical EMA50, a key resistance level at 1330.00. Despite the bullish momentum, the price has maintained its position below this resistance level, with stochastic indicators signaling a clear loss of positive momentum as it enters overbought territory.
In light of these developments, analysts are inclined to consider the prospects of a resumption in the anticipated bearish trend for the forthcoming period. Initial downside targets begin with a test at 1311.70. It is imperative to note that breaching the resistance at 1330.00 could potentially alter this bearish outlook, paving the way for additional gains and a visit to 1348.30 before any new attempts at a downward correction.
For today’s trading, the anticipated range is projected between a support level at 1305.00 and a resistance level at 1340.00. The prevailing trend for the day is expected to be bearish, reflecting the resistance encountered at the EMA50 and the weakening momentum indicated by stochastic readings.
Market participants are advised to closely monitor these key levels and indicators as they navigate the soybean market, preparing for potential shifts in the price dynamics.
