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Soybean prices have resumed their decline, falling past the $1,150 barrier. This movement supports the ongoing bearish trend anticipated for both the intraday and short-term periods. Analysts forecast that prices are now headed towards the main target of $1,131.40. Should this level be breached, it could lead to further losses.
The downward pressure is being reinforced by the 50-day Exponential Moving Average (EMA), bolstering expectations of continued price decreases. It is crucial for prices to remain below $1,167 to maintain this bearish outlook.
Expected Trading Range
Prices are expected to trade between the support level of $1,130 and the resistance level of $1,155.
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