Soybean Prices Stay Below Key Resistance Level, Eyeing Bearish Trend

Soybean prices are hovering near the 50-period Exponential Moving Average (EMA50), awaiting a negative catalyst to trigger a resumption of the anticipated bearish trend on both intraday and short-term charts. The next target for the commodity is set at $960.30.

For the bearish outlook to remain intact, it is crucial for prices to stay below the $999.50 mark. A breach of this level could prompt a recovery, pushing prices towards the $1,028.80 area before any potential downward movement resumes.

The expected trading range for today is between support at $975.00 and resistance at $995.00.

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