Soybean price touches the target – Analysis - 16-12-2019

Soybean price succeeded to touch our waited target at 925.6, noticing that this level meets the correctional bullish channel’s resistance, and according to the trading rules inside the channels, the price is on its way for potential bearish rebound to visit the mentioned channel’s support line in the upcoming sessions, supported by the negative signal provided now by stochastic.

Therefore, we suggest witnessing negative trades today, and the targets begin at 915.9 and extend to 906.2, taking into consideration that breaching 925.6 and holding above it will stop the expected decline and leads the price to achieve additional gains that reach 937.6.

The expected trading range for today is between 915.0 support and 930.0 resistance.

The expected trend for today: Bearish