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Soybean price resumes the decline – Forecast today - 07-08-2024
Soybean price consolidated below the bearish channel’s resistance line, starting today with bearish bias to head towards resuming the main bearish track, on its way to achieve negative targets that start at 1000.00$.
Therefore, we expect to witness more decline in the upcoming sessions, supported by the negative pressure formed by the EMA50, noting that breaching 1035.00$ will stop the negative scenario and lead the price to turn to rise.
The expected trading range for today is between 995.00$ support and 1035.00$ resistance.
Trend forecast: Bearish
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