Soybean prices recently tested the $1033.10 mark but struggled to maintain levels below it, with stochastic indicators showing a loss of positive momentum and signaling a potential shift towards a negative trend. Analysts anticipate a continuation of the bearish outlook in the short-term and intraday periods, targeting $1000.00 and subsequently $985.00.
The current market scenario remains within a bearish channel as depicted on charts. A decisive breach above $1056.50 would invalidate the bearish trend, potentially reversing the price trajectory upwards.
Today’s anticipated trading range is expected to fluctuate between support at $1000.00 and resistance at $1050.00.
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