Soybean price has entered into a new round of negative trades at the commencement of today’s session, surpassing the initial bearish target at 1330.00. This development has further paved the way for continued downside momentum on an intraday basis, with the next anticipated target standing at 1311.70.
The current market outlook maintains the validity of the bearish trend scenario for the upcoming period. It is crucial to note that breaching the resistance level at 1353.00 would signal a halt to the bearish trend, potentially prompting the price to make efforts to revert to the primary bullish trajectory.
The expected trading range for today is foreseen to lie between the support level at 1300.00 and the resistance level at 1340.00.
The prevailing trend expectation for today remains bearish, aligning with the ongoing negative sentiment in the market.
