Soybean prices have continued their downward trajectory, breaching the critical support level of 1385.00 and closing below it in the previous session. This decline has signaled a halt to the recently proposed upward movement, and the market now appears to be under anticipated negative pressure in the sessions to come, with its sights set on achieving bearish targets that commence at 1348.30.
As a result, the prevailing sentiment for today appears to lean bearish. However, it’s worth noting that a potential break above 1385.00, followed by sustained support at this level, could reignite a bullish trend scenario. In such a case, the next significant target would be found at 1430.40.
For today’s trading range, the support is anticipated at 1355.00, while resistance is expected at 1395.00.
Today’s anticipated trend: Bearish
