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Soybean prices experienced a downturn in recent trading sessions, signaling a return to bearish sentiment as they approached the support line within the intraday bullish channel.
Analysts anticipate further decline, with the next significant target set at $1131.40. This bearish trend is expected to persist in both the intraday and short-term periods, reinforced by negative pressure from the EMA50.
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Maintaining a position below $1193.10 is crucial for the anticipated downward movement to continue.
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The projected trading range is anticipated to oscillate between the support level of $1131.00 and the resistance level of $1170.00.
The outlook for soybean prices remains bearish, with expectations of continued downward pressure in the near term.
