Soybean price has exhibited robust negativity, successfully surpassing our first target at 1348.30 and reaching the second target at 1340.00. Today’s trading session has commenced with further declines, indicating the potential for additional downside movement in the upcoming sessions, with the next target identified at 1311.70.
The prevailing bearish trend is expected to persist on the intraday basis unless the price exhibits a rally, breaching the 1348.30 level and establishing a settlement above it.
Today’s projected trading range is poised to fluctuate between the support level of 1300.00 and the resistance level of 1350.00.
The prevailing trend for today is forecasted as bearish, contingent upon the market’s adherence to critical levels and potential price rallies.
