Soybean prices persist in a lateral movement within the established sideways range, as depicted on the chart. The critical threshold for a potential shift in market dynamics lies at the 1236.00 level. A decisive break below this point is deemed necessary to reinforce expectations of a sustained continuation of the primary bearish trend. The primary downside target rests at the 1193.00 areas.
The bearish trend scenario retains validity, fortified by the presence of the EMA50, unless a rally prompts a breach of the 1266.30 mark, coupled with a confirmed hold above this level.
The anticipated trading range for today is anticipated to fluctuate between the support at 1225.00 and the resistance at 1255.00.
Today’s overall trend outlook leans towards a bearish trajectory, with careful monitoring of the critical level at 1236.00 to gauge the potential resumption of the primary bearish trend.
