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Soybean price under the negative pressure – Analysis - 17-11-2023
Soybean price faced strong negative pressure yesterday, as it broke 1385.00 level and rallied bearishly to head towards potential visit to the bullish channel’s support line around 1332.60, making the bearish bias suggested in the upcoming sessions, and the price needs to break 1348.30 to confirm the continuation of the decline towards the expected target.
On the other hand, we should note that breaching 1365.30 will stop the suggested decline and lead the price to recover again.
The expected trading range for today is between 1330.00 support and 1375.00 resistance.
The expected trend for today: Bearish
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