26May2022 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 1681.
- After a sharp recovery from its prior swing low of USc 1578, prices have found resistance at USc 1720 and retreated lower. For the past three days, prices have continued to correct lower holding below the said resistance and have approached its 9-Day EMA during its last trading day.
- On the daily technical setup, 14-Day RSI is turning flat hovering above its equilibrium suggesting a mixed to positive price action in the forthcoming days.
- Taking the above-mentioned observations into consideration, prices are likely to hold below the resistance of USc 1720 on further gains and trade mixed with a downside potential of USc 1640 in the coming trading days.
- On the upside, USc 1720 to 1735 zone shall act as an immediate and crucial resistance. A sustained break above the same shall pave way for further gains towards USc 1800 and above.
- On the downside, USc 1660 to 1640 zone shall act as immediate support.
- Concisely, CME Soybean Jul’22 prices are likely to hold below the resistance of USc 1720 on further gains and trade mixed with a downside potential of USc 1640 in the coming trading days.