Soybean Price Tests Initial Resistance

Soybean price displayed a notable upward bounce in the previous session, reaching the 1200.00 barrier. The price trajectory remains within the confines of the bearish channel illustrated on the chart, with the EMA50 intersecting with the resistance of this channel. This alignment supports the continuation of the anticipated bearish trend in the short-term, setting the next target at 1171.50.

Stochastic has entered the overbought territories, further reinforcing the outlook for a negative scenario. This bearish outlook remains valid as long as the price maintains stability below 1210.00.

The expected trading range for today is forecasted between the support level at 1175.00 and the resistance level at 1210.00.

Expected Trend for Today: Bearish