Soybean prices showed notable positivity yesterday, approaching the main resistance line of the bearish channel. This resistance coincides with the minor bullish channel’s resistance, aligning with the bearish flag pattern highlighted in previous reports. Additionally, negative signals from stochastic indicators suggest the possibility of a bearish reversal.
For a sustained bearish trend, a price drop below $970.00 is crucial. Such a move would validate the bearish flag pattern, potentially driving prices down towards the $930.00 range.
Conversely, a bullish trend is still viable as long as prices remain below $994.00.
Today’s expected trading range is between $965.00 (support) and $995.00 (resistance).
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