Soybean Prices Test Resistance Amid Bearish Trend Expectations

Soybean prices surged upwards, notably testing the critical resistance level of $1131.40. The current stability below this threshold is reinforced by the EMA50 intersecting with the resistance, bolstering its significance. Meanwhile, stochastic indicators indicate a clear loss of positive momentum.

These factors collectively suggest a continuation of the bearish trend in the intraday and short-term outlook. The anticipated target remains at $1100.00, contingent upon maintaining levels below $1131.40 and $1137.70.

Expected Trading Range: The market is poised between support at $1100.00 and resistance at $1140.00.

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