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.