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.