Soybean price forms negative pattern – Analysis - 10-07-2020

Soybean price attempted to breach 905.50 but it kept its stability below it, and by taking a deeper look at the chart, we find that there are signs of an under-construction double top pattern now, which supports the chances of continuing the recently suggested negative scenario, which targets testing 888.50 level as a first station.

Therefore, we will continue to suggest the bearish trend for the upcoming period supported by the negative signal provided by stochastic, reminding you that it is important to hold below 905.50 to continue the expected decline.

The expected trading range for today is between 888.00 support and 908.00 resistance.

The expected trend for today: Bearish