Soybean price hits the first target – Forecast – 23-11-2024

2024-11-23 04:12AM UTC

Soybean price succeeded to achieve our first waited target at 980.00$ and pushes negatively on it now, to support the chances of continuing the bearish trend on the intraday and short-term basis, on its way to visit 960.30$ as a next main station.

The EMA50 keeps supporting the suggested bearish wave, noting that breaching 993.00$ will stop the current negative pressure and lead the price to start recovery attempts that target testing 1014.70$ areas and might extend to 1028.80$ before any new negative attempt.

The expected trading range for today is between 960.00$ support and 990.00$ resistance.

Trend forecast: Bearish