Soybean prices exhibited clear negativity in the recent session, successfully surpassing the first target at 1204.10 and reaching the second anticipated target at 1193.00. The prevailing bearish trend is suggested to persist within the established bearish channel, guiding the price towards the 1171.50 areas as the next significant station.
The EMA50 indicator continues to exert downward pressure, reinforcing the prospects for the ongoing bearish wave. It is crucial to monitor the price action closely, as a breach of the 1204.10 level would alleviate the current negative pressure, potentially prompting the price to attempt a recovery and test the 1230.00 areas before any new descent.
The expected trading range for today is anticipated to fluctuate between the support at 1175.00 and resistance at 1205.00.
