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Soybean prices have maintained a consolidation phase below the resistance of a bearish channel. Analysts observe the completion of a double top pattern, signaling a potential catalyst for the resumption of the prevailing downtrend. Forecasts indicate a target range primarily focused on $1048.00, with further downside potentially extending to $1022.00.
Given these technical signals, analysts advocate for a bearish outlook in the near term, contingent upon prices remaining below the critical threshold of $1078.00.
Today’s anticipated trading range suggests support at $1040.00 and resistance at $1070.00.
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