09Jun2022 Global CME Soybean Technical Outlook
- CME Soybean Jul’22 Futures prices have traded on a positive note during its last trading day before settling at USc 1740.
- After consolidating within a tight range of USc 1690 to 1734 for the past three days, prices have penetrated above its consolidation zone holding above its 9-Day EMA during its last trading day. In the medium-term, prices are extending gains making higher highs and higher lows from May’22 low of USc 1578 suggesting the prevailing uptrend is still intact.
- On the daily technical setup, 14-Day RSI gradually 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 1710 on any pullback and extend gains towards USc 1800 in the coming trading days.
- On the upside, USc 1760 shall act as an immediate resistance followed by USc 1800.
- On the downside, USc 1710 shall act as immediate support followed by USc 1680.
- 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.