Midday update for Soybean price 16-08-2021

Corn price shows some bearish bias now to move below 571.50, waiting to get positive motive that assist to push the price to resume the expected bullish trend for the upcoming period, which depends on the price stability above 559.00, while it targets 584.10 followed by 599.70 levels as next main stations.

Brent oil price attacks 69.65 level and settles below it now, to support the expectations of continuing the bearish trend on the intraday and short term basis, organized inside the bearish channel that appears on the chart, as our next target is located at 67.70, while the price needs to get a four hours’ candlestick close below 69.65 initially to reinforce the suggested negative scenario.

Crude oil price shows additional negative trades to break 67.45 level and attempts to hold below it, reinforcing the expectations of continuing the bearish trend efficiently for the rest of the day, which its next main target located at 65.20, noting that holding below 67.45 represents initial condition to continue the expected decline, as breaching it might lead the price to achieve intraday gains that target visiting 69.25 areas before turning back to decline again.