Soybean price suffers more losses – Analysis - 31-05-2023

Soybean price traded with strong negativity yesterday to reach the thresholds of the waited target at 1200.00, and we suggest the continuation of the bearish bias to surpass this level and achieve additional negative targets that reach 1170.00 areas.

Therefore, we area waiting for more expected decline in the upcoming sessions, supported by the negative pressure formed by the EMA50, taking into consideration that the consolidation of the current support areas against the negative pressure will lead the price to rebound bullishly and achieve intraday gains that target testing 1255.00 areas before any new attempt to decline.

The expected trading range for today is between 1180.00 support and 1225.00 resistance.

The expected trend for today: Bearish