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Soybean price is persisting in its downward trajectory, with a current focus on reaching the $1140.00 levels. Although there are slight positive movements at present, influenced by stochastic indicators, the overall sentiment remains bearish, with an anticipation of resuming the downward trend targeting $1131.40 as the next significant level.
The presence of the EMA50 continues to reinforce the expected decline. However, it’s important to note that a breach above $1193.10 would halt the bearish momentum, potentially leading to a new bullish correction. In such a scenario, the next target for upside movement would be around $1231.20.
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Expected Trading Range: $1131.00 (Support) – $1165.00 (Resistance)
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Trend Forecast: Bearish
