Soybean Price Declines Persist – Forecast for June 21, 2024

by Jennifer

Soybean Price Analysis

The price of soybeans has resumed its strong downward trajectory, surpassing the anticipated target at $1131.40. This confirms the ongoing dominance of the bearish trend, which is clearly delineated within a bearish channel visible on the chart. The market outlook supports a continuation towards the next significant target at $1100.00, reflecting the prevailing negative sentiment.


Expected Scenario


Expectations remain aligned with a bearish trend for soybean prices in the near term. The current movement reinforces the downward momentum, with potential for further declines towards the target at $1100.00. It’s crucial to monitor price action around key levels; breaching $1131.40, followed by $1142.50, could signal a pause in the bearish trend and initiate a corrective bullish phase on an intraday basis.

Expected Trading Range

Traders should monitor the soybean market within a projected trading range between support at $1100.00 and resistance at $1130.00. These levels are pivotal for assessing potential reversal points or breakout opportunities aligned with market dynamics.

Trend Forecast

The trend forecast for soybean prices remains bearish, supported by the current market conditions and technical indicators indicating further potential downside.

Investors and traders are advised to stay informed about market developments and closely monitor price movements within the specified trading range. This approach can help identify strategic entry and exit points based on the evolving bearish trend in soybean prices.

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