08Jun2022 Global CME Soybean Technical Outlook

Technical Outlook

CME Soybean Jul’22 Futures USc/BU

08-Jun 2022

CME Soybean Jul’22 Futures prices have traded on a positive note during its last trading day before settling at USc 1728.25.
After a sharp recovery from its recent swing low of USc 1675, prices have failed to hold on its recovery tone and retreated lower holding below the resistance of USc 1740. For the past three days, prices have continued to consolidate within a tight range and are hovering around its 9-Day EMA and prices have bounced back from its lower end of the consolidation zone.
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 1690 on any pullback and extend gains towards USc 1800 in the coming trading days.
On the upside, USc 1740 shall act as an immediate resistance followed by USc 1800.
On the downside, USc 1690 shall act as immediate support followed by USc 1670.
Concisely, CME Soybean Jul’22 prices are likely to hold above the support of USc 1690 on any pullback and extend gains towards USc 1800 in the coming trading days.