Soybean prices have exhibited a continued decline, surpassing the EMA50 and approaching the awaited target at 1311.70. Today’s market opening indicates a further downturn, suggesting a potential break below this level and signaling a pathway to achieve additional negative targets, with 1295.00 identified as a key area.
The prevailing bearish trend is anticipated to persist in the upcoming period. It is important to monitor the 1330.00 level, as a breach might lead to a test of 1348.30 areas before considering any new attempts at a decline.
For today’s market movements, the expected trading range is projected to fluctuate between the support level at 1295.00 and the resistance level at 1335.00.
In summary, the soybean market continues to showcase a bearish sentiment, emphasizing the proximity to the target and the potential for further downward movements in the current market conditions.
