In the latest analysis of soybean prices, the market remains entrenched around the $1193.10 threshold, sustaining stability below it thus far, thereby affirming the continuation of our bearish outlook. The primary targets for the bearish scenario remain at $1164.00, followed by $1131.40.
Further bolstering the expectations for a downward trajectory is the indication from stochastic indicators, which continue to lose positive momentum.
The expected outcome maintains the stability of soybean prices below the $1193.10 level, reinforcing the bearish sentiment with target levels set at $1164.00 and $1131.40. The declining positive momentum observed in stochastic indicators further underpins the anticipation of a downturn. However, a breakthrough above $1193.10, coupled with sustained trading above this level, would invalidate the bearish scenario, potentially paving the way for a bullish correction on an intraday basis.
The projected trading range spans between the support level at $1165.00 and resistance at $1205.00.
In summary, the trend forecast for soybean prices remains bearish, contingent upon the ability to maintain stability below key resistance levels amid prevailing market conditions.
