Soybean Prices Drop Below Key Level, Signaling Bearish Trend

by Yuki

Soybean prices have decisively fallen below the critical $1,028.80 mark, closing the last daily candlestick under this threshold. This movement indicates a shift from a previously anticipated correctional bullish scenario to a bearish outlook. Traders can expect further declines, with negative targets set initially at $1,004.00, potentially extending to $984.00.

The recent price action, particularly moving beneath the 50-period Exponential Moving Average (EMA), reinforces the expectation of a bearish trend. This trend will remain intact as long as prices remain stable below the $1,028.80 level.

For today, the anticipated trading range is projected to be between the support level at $995.00 and resistance at $1,030.00.

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