Soybean prices experienced significant downward pressure yesterday, breaking through the $1028.80 level and settling below it, signaling a potential return to the bearish trend. However, the price remains above the neckline of a previously formed double bottom pattern, keeping the possibility of a rebound intact. Additionally, stochastic indicators are showing positive signals, which could suggest a reversal.
The technical indicators present a mixed outlook, leading to a cautious approach. A breakout above $1028.80 could reignite the bullish correction scenario, with potential targets at $1050.00 and $1071.20. Conversely, a drop below $1015.00 could extend the decline, with the next support level at $980.00.
For today, the expected trading range is between $1000.00 and $1045.00.
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