01Jun2022 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 1683.25.
- After a sharp rally from May’22 low of USc 1578, prices have failed to hold on its bullish momentum and witnessed a sharp sell off during its last trading day. The weakness of its last trading day has eroded all its prior couple of days gains and have breached below its 9-Day EMA. This suggests the uptrend which was established since May’22 low is gradually losing its steam.
- On the daily technical setup, 14-Day RSI is sliding lower hovering above its equilibrium suggesting further correction in the near-term.
- Taking the above-mentioned observations into consideration, prices are likely to hold below the resistance of USc 1720 on any recovery and extend its correction towards USc 1630 in the coming trading days.
- On the upside, USc 1720 shall act as an immediate resistance followed by USc 1750.
- On the downside, USc 1660 shall act as immediate support followed by USc 1630.
- Concisely, CME Soybean Jul’22 prices are likely to hold below the resistance of USc 1720 on any recovery and extend its correction towards USc 1630 in the coming trading days.