Soybean prices began today’s trading session on a negative note, reversing yesterday’s temporary gains. This downturn is primarily driven by a negative signal from the stochastic indicator, suggesting a move towards an initial test of the $1,028.80 level. Should prices break below this threshold, the bearish trend could deepen, potentially reaching $1,010.00 as the next target.
Analysts continue to advocate for a bearish outlook in the near term, emphasizing that the persistence of this downward trend hinges on soybean prices remaining below $1,071.20.
For today’s trading, the anticipated range is expected to fluctuate between a support level of $1,015.00 and a resistance level of $1,055.00.
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