In recent market movements, soybean prices have sustained a downward trajectory, marking fresh negative trades that successfully reached the initial extended target at 1295.00. This development reinforces the prevailing expectation of an ongoing bearish trend, with market participants anticipating a further decline towards the next significant level at 1266.30.
The EMA50 continues to exert consistent downward pressure on the price, reinforcing the anticipated bearish trend. The validity of this trend is contingent on the price maintaining stability below the key level of 1311.70.
For traders navigating the current market conditions, the projected trading range for today is expected to fluctuate between the support level of 1280.00 and the resistance level of 1315.00.
The prevailing trend for today is anticipated to be bearish, reflecting the sustained negative momentum and suggesting a potential move towards lower levels. Traders are advised to monitor the critical stability level of 1311.70 for confirmation of the ongoing bearish sentiment.
