The price of soybeans has undergone a significant decline, breaking the crucial level of 1236.00 and reaching the 1200.00 barrier. Presently, the price is making attempts to recover, hovering around the 1236.00 level, now identified as a key resistance. The continuation of the anticipated bearish trend in the coming period hinges on the requirement for the price to consolidate below this resistance. The next downside target is set at 1193.00.
The bearish outlook is maintained for both the intraday and short-term perspectives. However, it is imperative for the price to remain below 1236.00 to sustain this bearish trajectory. Any breach of this level may prompt the price to test the critical resistance at 1266.30 before considering a new attempt at a decline.
As the soybean market unfolds, traders are advised to closely monitor price movements, particularly around the identified resistance level, for potential shifts in market dynamics.
The projected trading range for today is expected to fluctuate between the support at 1200.00 and the resistance at 1245.00. The overall trend for today is deemed bearish, given the current technical signals and the recent strong decline in soybean prices.
