Soybean Price Analysis:
As of May 31st, 2024, the price of soybeans has successfully broken the neckline of the double top pattern and remains below it. This movement provides a negative impetus, reinforcing expectations of a continued bearish trend in the near term. The immediate target is to surpass the $1193.10 level, paving the way towards the next key target at $1150.00.
Expected Scenario:
The bearish trend is expected to persist as long as the price stays below $1205.00. Breaching this level could prompt a temporary recovery, with the price potentially testing the key resistance at $1231.20 before resuming its decline. Therefore, holding below $1205.00 is crucial for maintaining the bearish outlook.
Expected Trading Range:
Traders should expect soybean prices to trade within a range of $1170.00 as support and $1215.00 as resistance. This range highlights the potential price movements within the current market dynamics.
Trend Forecast:
The trend forecast for soybeans remains bearish, with the price likely to continue its downward trajectory. The successful break of key support levels and the formation of the double top pattern support this outlook, suggesting further declines in the upcoming sessions.
