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Soybean prices recently attempted to break through the bearish channel’s resistance line but encountered strong resistance from the EMA50. This resistance forced the price to decline again, settling within the channel and maintaining the primary bearish trend scenario. The next key target is expected to be around $1060.00.
Remaining below $1107.00 is crucial for the continuation of the expected decline, with a potential test of $1131.40 before any further negative movement.
Expected Trading Range
Between $1080.00 support and $1115.00 resistance.
Related topics:
Soybean Prices Test Resistance Amid Bearish Trend Expectations