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Soybean Price Tests Resistance – Forecast for June 25, 2024

by Jennifer

Soybean Price Analysis

Expected Scenario

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The soybean price has bounced upwards, testing the key resistance at $1131.40. The price remains stable below this level, with the EMA50 converging at this resistance point, adding further strength to it. Additionally, the stochastic indicator is losing its positive momentum.

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These factors support the continuation of the bearish trend on both the intraday and short-term basis. The next target is set at $1100.00, provided that the price remains below the $1131.40 and $1137.70 resistance levels.

Expected Trading Range

Traders can expect soybean prices to trade within a range of $1100.00 support to $1140.00 resistance.

Trend Forecast

The trend forecast for soybeans remains bearish, as long as the price holds below the key resistance levels.

Investors and traders should monitor these levels closely to navigate today’s soybean market effectively.

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