Stable at $1,459.25 and still trending upwards, Today's session might suggest a slow down — CME Soybeans recovers back to $1,459.25 per bushel after dipping down to $1,448 today, in a session that followed a closing value of $1,462.25.
Soybeans is approaching key support, around $25.83 away from $1,433.42. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Investors are seeking long positions as Soybeans price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. The upper Bollinger Band® for CME Soybeans stands at $1,455.64, indicating possible gains could follow.
Despite muted price action in the Soybeans future, chart analysis indicates it is positioned for a bullish run in the short term.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States EIA Short-Term Energy Outlook will be released tomorrow at 17:00 UTC.
Trading mostly sideways for 30 days. 5 months ago the Soybeans future reached a significant high of $1,746.75 but has consequently lost 16.29% since then.