Yesterday, soybean prices experienced significant downward movement, achieving the anticipated target of $1095.60. Today, the decline continues as prices aim to breach this level, solidifying prospects for sustained bearish momentum in the near future. Analysts indicate the next potential downside target lies around $1050.00.
Technical indicators, notably the EMA50, support the prevailing bearish sentiment. However, failure to decisively break below $1095.60 could prompt the initiation of recovery efforts, potentially triggering intraday bullish movements.
Expected Trading Range
Current projections suggest a trading range with support near $1065.00 and resistance at $1110.00.
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