Soybean price continues to decline – Forecast today - 19-04-2024

Soybean Price Analysis

Expected Scenario

• Soybean price shows more bearish bias to reach 1140.00$ areas, providing slight positive trades now, affected by stochastic positivity, waiting to resume the bearish wave that targets 1131.40$ as a next station.
• The EMA50 continues to support the expected decline, noting that breaching 1193.10$ will stop the bearish trend and lead the price to achieve new bullish correction that its next target reaches 1231.20$ areas.

Expected Outcome

The expected trading range for today is between 1131.00$ support and 1165.00$ resistance.