Soybean prices have approached the critical resistance level at 1385.00, but have thus far maintained their position below it. Notably, the stochastic oscillator has exhibited a clear loss of positive momentum, potentially setting the stage for a resumption of the anticipated bearish trend on an intraday basis. The next downside target remains at 1348.30.
Consequently, our outlook remains firmly bearish for the foreseeable future, contingent on the condition that the price remains below the 1385.00 level.
For today’s trading session, the expected trading range is projected to span from the support level at 1355.00 to the resistance level at 1390.00.
In summary, soybean prices continue to exhibit a bearish bias as they test a key resistance level. The potential for a bearish trend to persist remains strong unless a definitive breach and sustained hold above the 1385.00 level occurs.
