Soybean prices have encountered significant resistance at the $1,028.80 mark, failing to break through and subsequently experiencing a bearish rebound. This resistance has led to a resumption of the prevailing downward trend. For the decline to gain further traction, the price needs to fall below the $1,010.00 level. A sustained breach of this threshold would confirm the continuation of the bearish trend, with potential targets set at $990.00 and possibly extending to $960.30.
However, positive signals from stochastic indicators could impede this downward trajectory. Should soybean prices manage to surpass the $1,028.80 resistance level, the anticipated bearish decline could be halted, potentially leading to a bullish correction.
For today, the trading range is projected to be between the support level of $990.00 and the resistance level of $1,028.00.
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