02Jun2022 Global CME Soybean Technical Outlook
- CME Soybean Jul’22 Futures prices have traded on a mixed note during its last trading day before settling at USc 1690.25.
- After a sharp rally from May’22 low of USc 1578, prices have failed to hold on its bullish momentum and retreated lower holding below the resistance of USc 1749. Despite of the mixed trade action during its last trading day, prices have continued to trade holding below its 9-Day EMA.
- 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.