Soybean prices successfully reached and touched our anticipated target at 1311.70. However, the current market scenario reveals a continuation of the negative trend, with prices commencing today’s session displaying additional downward movement. The breach below the mentioned target and subsequent settlement beneath it confirm the potential for an extended bearish wave. This paves the way for new targets, with the initial ones situated at 1295.00 and further extending to 1266.30 in the near term.
The sustained bearish outlook prompts us to maintain our suggestion of a downward trend in the coming period. It is crucial for the price to remain below the level of 1311.70 to realize the envisaged targets.
For the present trading session, the expected range is positioned between support at 1290.00 and resistance at 1320.00.
In summary, the prevailing trend for today is bearish in soybean prices, emphasizing the importance of vigilance to ensure the price remains below 1311.70 for the anticipated bearish targets to materialize.
