Soybean price breaks the support – Analysis - 02-12-2020

Soybean price faced new negative pressure to break 1162.10 and settles below it, which turns the intraday track to the downside, on its way to visit 1139.50 level as a next negative target, which represents the main bullish channel’s support line that meets 38.2% Fibonacci correction level.

Therefore, we suggest witnessing more decline in the upcoming sessions, noting that breaching 1162.10 and holding above it will stop the expected bearish bias and push the price to resume the main bullish trend again.

The expected trading range for today is between 1139.00 support and 1165.00 resistance.

The expected trend for today: Bearish