Soybean price suffers strong losses – Analysis - 06-07-2022

Soybean price declined strongly to surpass our negative target at 1402.10 and reach 1318.20 direct, noticing that the price begins today with additional decline to attack this level and hint heading to achieve more bearish bias in the upcoming sessions, on its way to visit 1245.00 as a next main station.

Therefore, we expect the continuation of the bearish bias on the intraday and short term basis, noting that failing to confirm breaking 1318.20 will lead the price to start recovery attempts that target testing 1402.10 areas initially.

The expected trading range for today is between 1245.00 support and 1350.00 resistance.

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The expected trend for today: Bearish