Soybean prices faced difficulties in sustaining their position above the resistance line of the bearish channel. Consequently, the market has experienced a significant downturn, breaching the critical support level at 1348.30 and subsequently settling below it. This bearish development has placed soybean prices under renewed negative pressure, with a potential target in the vicinity of 1311.70 in the near-term.
As a result, the market is poised to undergo further negative trading sessions, largely influenced by the prevailing bearish sentiment, which is reinforced by the presence of the EMA50.
It’s important to note that a potential recovery in soybean prices would require a decisive breach of the resistance level at 1348.30, accompanied by a sustained position above this level.
For today’s trading session, the expected trading range is likely to be confined between the support level at 1300.00 and the resistance level at 1365.00. The prevailing trend anticipated for the day remains bearish.
Market participants are urged to exercise caution and closely monitor soybean prices, as various factors, including weather conditions, supply and demand dynamics, and geopolitical developments, can influence market movements. Staying informed about the latest market conditions is crucial for making informed decisions.
