Soybean price awaits more decline – Forecast today - 16-04-2024

Soybean Price Analysis

Expected Scenario

• Soybean price settles below the bearish channel’s resistance line, falling under continuous negative pressure formed by the EMA50, to keep the bearish trend scenario active for the upcoming period, reminding you that our next target is located at 1131.40$.
• On the other hand, we should note that breaching 1193.10$ will stop the expected decline and lead the price to achieve new bullish correction that its next target reaches 1231.20$.

Expected Outcome

The expected trading range for today is between 1150.00$ support and 1190.00$ resistance.