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Soybean price declines again – Analysis - 03-05-2023
Soybean price bounced downwards strongly yesterday after finding solid resistance at the EMA50, to break 1402.10 level and settles below, which pushes the price back to the main bearish track and open the way to achieve negative targets that start at 1375.00 and extend to 1350.00.
The price might witness some temporary sideways fluctuation before resuming the expected bearish wave, which will remain valid unless the price rallied to breach 1402.10 and hold above it again.
The expected trading range for today is between 1365.00 support and 1400.00 resistance.
The expected trend for today: Bearish
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