Soybean Price Receives New Negative Signal, Forecast for May 13, 2024

by Jennifer

In the analysis of soybean prices, observations indicate a fluctuation around the EMA50, coupled with a noteworthy development as stochastic indicators commence a negative overlap. This occurrence suggests a potential catalyst for the resumption of the anticipated bearish trend in the upcoming period. Initial targets within this trajectory are identified at $1193.10, extending downwards to $1165.00 following the breach of the previous level.

The maintenance of levels below $1231.20 holds significance for the continuation of the anticipated decline. A breach of this threshold, however, could prompt a reversal in sentiment, potentially targeting the $1262.10 areas initially.


For trading expectations on the day, the projected range spans between support at $1185.00 and resistance at $1220.00.


Trend Forecast: Bearish

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