Soybean prices have continued their downward trajectory, breaking past the anticipated target of $1131.40 and affirming the prevailing bearish trend. The prices are moving within a defined bearish channel, increasing the likelihood of reaching the next target of $1100.00.
Given this scenario, the bearish outlook remains in place for the foreseeable future. However, it’s important to note that surpassing the $1131.40 level, followed by a breach of $1142.50, could halt the current downtrend and initiate a bullish correction in the short term.
Expected Trading Range
The expected trading range for soybeans is projected to be between the support level of $1100.00 and the resistance level of $1130.00.
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