Soybean Price Tests the Resistance – May 22, 2024

by Jennifer

Soybean Price Analysis:

Expected Scenario:


Soybean price is currently testing the $1231.20 resistance level once again and remains below it for now. There are indications of a potential double top pattern forming, which supports expectations of a decline in the upcoming sessions, with the main target being the $1193.10 area. Consequently, the bearish trend scenario will remain valid and active on an intraday basis unless the price breaches the $1231.20 level and holds above it.


Expected Trading Range:

The anticipated trading range for soybean prices is projected to be between the support level at $1200.00 and the resistance level at $1245.00. These levels are critical for traders to observe, as they may provide key insights into potential market movements and trading opportunities.

Trend Forecast: Bearish

Given the current resistance test and the potential double top pattern, the trend forecast for soybeans remains bearish. Traders are advised to monitor price action closely, especially around the $1231.20 resistance and $1193.10 target levels, to effectively navigate potential trading opportunities in line with the bearish outlook.

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