06Jun2022 Global CME Soybean Technical Outlook
- CME Soybean Jul’22 Futures prices have traded on a weak note during its last trading day before settling at USc 1697.75.
- After a sharp recovery from its recent swing low of USc 1675, prices have failed to hold on its recovery tone and retreated lower holding below the resistance of USc 1740. The weakness of its last trading day has almost eroded all its prior day’s gains and have approached its 9-Day EMA.
- On the daily technical setup, 14-Day RSI turning flat hovering around its equilibrium suggesting mixed price action in the near-term, ahead of further extension of gains.
- Taking the above-mentioned observations into consideration, prices are likely to hold above the support of USc 1670 on further pullback and trade mixed above the same with an upside potential of USc 1740 in the coming trading days, ahead of further extension of gains towards USc 1800 in the subsequent weeks.
- On the upside, USc 1740 shall act as an immediate resistance followed by USc 1800.
- On the downside, USc 1690 shall act as immediate support followed by USc 1670.
- Concisely, CME Soybean Jul’22 prices are likely to hold above the support of USc 1670 on further pullback and trade mixed above the same with an upside potential of USc 1740 in the coming trading days, ahead of further extension of gains towards USc 1800 in the subsequent weeks.