03Jun2022 Global CME Soybean Technical Outlook

Technical Outlook

CME Soybean Jul’22 Futures USc/BU

03-Jun 2022

CME Soybean Jul’22 Futures prices have traded on a firm note during its last trading day before settling at USc 1729.25.
After correcting lower from its prior swing high of USc 1749, prices have found support at USc 1673 and bounced back sharply. The gains of its last trading day has almost recovered Tuesday’s losses holding above its 9-Day EMA. Prices are approaching its recent swing high.
On the daily technical setup, 14-Day RSI has bounced back from its equilibrium and inching higher suggesting further gains in the near-term.
Taking the above-mentioned observations into consideration, prices are likely to hold above the support of USc 1710 on any pullback and extend gains towards USc 1800 in the coming trading days.
On the upside, USc 1749 shall act as an immediate resistance followed by USc 1800.
On the downside, USc 1710 shall act as immediate support followed by USc 1675.
Concisely, CME Soybean Jul’22 prices are likely to hold above the support of USc 1710 on any pullback and extend gains towards USc 1800 in the coming trading days.