Soybean price attempts to recover – Analysis - 07-04-2020

Soybean price breached 859.80 level to head towards potential test to the key resistance 868.30, noticing that the EMA50 meets this resistance to add more strength to it, while stochastic shows clear overbought now.

Therefore, these factors encourage us to suggest the domination of the bearish trend on the upcoming trading, noting that our main targets begin at 851.40 and extend to 846.00 followed by 840.90, while breaching 868.30 represents positive factor that will lead the price to achieve more intraday gains and head towards 878.80 as a next positive target.

The expected trading range for today is between 855.00 support and 868.00 resistance.

The expected trend for today: Bearish