Soybean prices have settled below the crucial level of 1193.10, signaling the presence of negative pressure in the market. Upon closer examination of the chart, it becomes apparent that the price has completed the formation of a double top pattern. This pattern suggests a potential decline in the upcoming trading sessions, with initial targets set at 1165.00 and extending to 1131.40.
Given this bearish outlook, market participants should anticipate a downward bias for today’s trading. It is important to note that a breach of the 1193.10 level, accompanied by sustained trading above it, would invalidate the negative scenario and potentially lead to additional bullish correction. In such a scenario, the next target for the bullish trend would be at 1231.20.
The expected trading range for today is between the support level of 1165.00 and the resistance level of 1200.00.
Overall, the trend forecast for soybean prices remains bearish as the market anticipates further downward movement in the near term.
