Soybean price under the negative pressure – Forecast today - 01-05-2024

Soybean Price Analysis

Expected Scenario

• Soybean price bounced downwards clearly yesterday to break 1170.00$ and start pressing on the next key support at 1155.00$, noticing that the price completed forming double top pattern that supports the chances of continuing the decline and return to the main bearish track again, on its way to test 1131.40$ as a first station.
• Therefore, the bearish bias will be suggested in the upcoming sessions, taking into consideration that breaching 1171.00$ will stop the current negative pressure and lead the price to attempt to recover again.

Expected Trading Range

Between 1130.00$ support and 1170.00$ resistance.