Soybean prices have initiated today’s trading session with a negative tone, distancing itself from the resistance line of the bearish channel visible on the chart. This movement strengthens the expectations for the continuation of the bearish trend in the upcoming sessions, with the primary target remaining at 1171.50.
The presence of the EMA50 is serving as a barrier within the mentioned channel. It is important to note that a breach of the resistance at 1206.50 could interrupt the anticipated decline, potentially paving the way for a short-term bullish correction.
The expected trading range for today is positioned between the support level at 1175.00 and the resistance level at 1205.00.
In summary, the current outlook for soybean prices leans towards a bearish trend, emphasizing the significance of breaching the resistance level at 1206.50 for any potential shift in the intraday dynamics.
