Soybean Meal Weekly Forecast

Weekly Forecast (November 14 – 18, 2022)

Uptrend scenario
An uptrend will start as soon, as the market rises above resistance level 423.2, which will be followed by moving up to resistance level 439 – 443.8.
Downtrend scenario
The downtrend may be expected to continue, while market is trading below resistance level 423.3, which will be followed by reaching support level 398.9 and 391.9.

Monthly Forecast, November 2022

Uptrend scenario
The uptrend may be expected to continue, while market is trading above support level 419.1, which will be followed by reaching resistance level 439 and if it keeps on moving up above that level, we may expect the market to reach resistance level 471.
Downtrend scenario
An downtrend will start as soon, as the market drops below support level 419.1, which will be followed by moving down to support level 391.9 and if it keeps on moving down below that level, we may expect the market to reach support level 375.3.

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