Soybean price resumes the bearish bias – Forecast today - 17-04-2024

Soybean Price Analysis

Expected Scenario

• Soybean price provided new negative trades yesterday, nearing the intraday bullish channel’s support line.
• Further decline is expected to visit 1131.40$, representing the next main target.
• The bearish trend is suggested for the intraday and short-term basis, supported by negative pressure from the EMA50.
• Continued holding below 1193.10$ is a major condition for the expected decline to continue.

Expected Trading Range

Between 1131.00$ support and 1170.00$ resistance.