Advertisements

Soybean Price Consolidates Within Channel – Forecast for July 1, 2024

by Jennifer

Soybean Price Analysis

Soybean prices recently made an attempt to break above the resistance line of a bearish channel but encountered strong resistance from the EMA50, resulting in a subsequent decline and consolidation within the channel. This maintains the overall bearish trend scenario, with the next significant target expected around $1060.00.

Advertisements

To sustain the expected decline, it is crucial for the price to remain below $1107.00, with a potential test towards $1131.40 before any further attempts to resume a bearish trajectory.

Advertisements

Expected Trading Range

Market expectations suggest a trading range with support at $1080.00 and resistance at $1115.00 for the immediate trading sessions.

Trend Forecast: Bearish

The trend forecast remains bearish for soybean prices in the near term.

You May Also Like

blank

Bnher is a comprehensive futures portal. The main columns include futures market, futures exchanges, futures varieties, futures basic knowledge and other columns.

[Contact us: [email protected]]

© 2023 Copyright  bedgut.com – Futures Market, Investment, Trading & News