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Soybean prices are trading positively, testing the $990.00 mark. However, momentum indicators, such as the stochastic, are showing a loss of their upward momentum, suggesting a potential resumption of the bearish trend in the near term. The primary target for this decline remains at $960.30.
Further supporting the expected downward movement is the negative pressure exerted by the 50-period Exponential Moving Average (EMA50). This bearish outlook is expected to persist as long as prices remain below the key resistance level of $993.00.
The anticipated trading range for today is between the support level of $975.00 and the resistance at $995.00.
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