Soybean prices have exhibited a clear continuation of negative trading, reaching the critical level of 1200.00. This decline reinforces expectations for the ongoing bearish trend in the upcoming trading sessions. The immediate focus is on testing the support at 1193.00, with a decisive break below serving as a gateway to further downside targets, particularly 1180.00 and 1155.00.
The viability of the bearish scenario hinges on the price remaining below the resistance level at 1228.00. A breach and sustained trading above this level could potentially alter the current bearish outlook.
Traders are advised to closely monitor key levels, with the expected trading range for today fluctuating between support at 1185.00 and resistance at 1215.00. The prevailing trend for today is anticipated to be bearish, aligning with the sustained downward momentum.
