The price of soybeans is currently displaying a pronounced bearish bias, approaching the lower boundary of its established bearish channel. Analysts anticipate a further decline, targeting the next downside objective at $1050.00. This bearish sentiment is bolstered by downward pressure indicated by the EMA50.
A decisive break below $1071.00 would solidify expectations for continued bearish dominance in the market. Conversely, a failure to breach this level could prompt the initiation of recovery efforts, potentially targeting gains starting around the $1095.50 mark.
Today’s anticipated trading range spans from a support level at $1055.00 to a resistance level near $1190.00, reflecting the current volatility and uncertainty in soybean pricing.
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