31May2022 Global CME Soybean Technical Outlook

- CME Soybean Jul’22 Futures prices have traded on a mild positive note during its last trading day before settling at USc 1732.25.
- After correcting lower from its prior swing high of USc 1720 in a three-legged corrective structure, prices have found support at USc 1665 and bounced back sharply. Prices have continued to extend gains holding above its 9-Day EMA and are hovering around Apr’22 high of USC 1734.
- Note that, in the medium-term, pries are extending gains making higher highs ad higher lows from May’22 low of USc 1578 suggesting the prevailing uptrend is still intact.
- On the daily technical setup, 14-Day RSI is inching higher hovering above its equilibrium suggesting further gains in the near-term.
- Taking the above-mentioned observations into consideration, prices are likely to hold above the support of USc 1700 on any pullback and extend gains towards USc 1800 in the coming trading days.
- On the upside, USc 1735 shall act as an immediate and crucial resistance. A sustained break above the same shall pave way for further gains towards USc 1800 and above.
- On the downside, USc 1700 to 1670 zone shall act as immediate support.
- Concisely, CME Soybean Jul’22 prices are likely to hold above the support of USc 1700 on any pullback and extend gains towards USc 1800 in the coming trading days.