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Soybean Price Analysis – February 23, 2024: Clear Break Below Support at 1162.30 Strengthens Bearish Trend

by Jennifer

Soybean prices have notably breached the critical support level at 1162.30, substantiating the sustained dominance of the bearish trend and paving the way for a descent towards the subsequent key support at 1142.00.

The persisting bearish scenario is anticipated to endure in the coming period, bolstered by the adverse pressure exerted by the EMA50. It is imperative to highlight that a successful breach above 1162.30 would potentially initiate a corrective bullish wave on the intraday basis.

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The projected trading range for today is envisaged to fluctuate between the support level at 1135.00 and the resistance level at 1165.00.

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The prevailing trend for today aligns with a bearish trajectory in soybean prices.

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