Soybean price suffers sharp losses – Analysis - 18-06-2021

Soybean price traded with strong negativity yesterday to surpass our waited target at 1318.80 and reach 1260.00, and the way is open to achieve more bearish correction, noting that the next target is located at 1225.90.

Therefore, we expect witnessing more decline in the upcoming sessions, affected by the previously completed double top pattern, noting that breaching 1318.80 will stop the current negative pressure and lead the price to attempt to recover to return to the main bullish track.

The expected trading range for today is between 1260.00 support and 1320.00 resistance.

The expected trend for today: Bearish