Soybean prices experienced a notable increase yesterday, breaching the resistance line of the bearish channel depicted on the chart. However, this upward movement was tempered by clear negative signals observed in the stochastic indicator, suggesting potential downward pressure in future sessions. Analysts anticipate the onset of a bearish trend aimed at testing the lower boundary of the aforementioned channel’s support line.
As a result, a bearish bias is recommended for today’s trading, with initial targets set at $1048.00 and extending downwards to $1022.00. It is important to note that a breach above $1078.00 would invalidate this bearish outlook, potentially triggering a short-term bullish correction.
The projected trading range for the day is expected to fluctuate between support at $1045.00 and resistance at $1090.00.
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