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Soybean Price Hits Target – Market Analysis – 26-02-2024

by Jennifer

The price of soybeans has successfully reached our anticipated target at 1142.00 and currently hovers around this level. The market awaits further decline within the established bearish channel illustrated on the chart, with additional downside targets anticipated, particularly aiming for the 1100.00 barrier as the subsequent primary station.

The EMA50 provides consistent support for the suggested bearish wave, the validity of which is contingent upon maintaining a daily close below 1152.00.

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The anticipated trading range for today is expected to be between the support level at 1120.00 and resistance at 1150.00.

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In conclusion, the outlook for today suggests a bearish trend for soybean prices, building on the achievement of the target at 1142.00. The continuation of this bearish wave is dependent on maintaining a daily close below 1152.00, with further downside targets in view, specifically targeting the 1100.00 level.

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