CME Soybean Jul’22 Futures prices have traded on a firm note during its last trading day before settling at USc 1726.50.
After correcting lower from its prior swing high of USc 1720 in a three-legged corrective structure, prices have found support at USc 1665 and bounced back sharply. The gains of its last trading day has recovered all its past three days losses and have approached Apr’22 high of USC 1735.
Note that, in the medium-term, pries are extending gains making higher highs ad higher lows from May’22 low of USc 1578 suggesting the prevailing uptrend is still intact.
On the daily technical setup, 14-Day RSI is 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 1700 on any pullback and extend gains towards USc 1800 in the coming trading days.
On the upside, USc 1735 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 1700 to 1670 zone shall act as immediate support.
Concisely, CME Soybean Jul’22 prices are likely to hold above the support of USc 1700 on any pullback and extend gains towards USc 1800 in the coming trading days.