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Soybean Price Forecast Update – 09-07-2024

by Jennifer

Soybean Price Analysis

Expected Scenario

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Soybean price showed significant negativity yesterday, successfully reaching our awaited target at $1095.60. Today, the price has started with additional declines to challenge this level and attempt to confirm a breakthrough, reinforcing the likelihood of continued bearish dominance in the upcoming period. The next downside target is projected around $1050.00.

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The EMA50 indicator supports the ongoing bearish momentum. However, failure to confirm a break below $1095.60 could prompt the price to initiate recovery attempts and potentially form a bullish wave on an intraday basis.

Expected Trading Range

  • Support: $1065.00
  • Resistance: $1110.00

Trend Forecast: Bearish

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