Finally showing signs of life after 4 days of trading sideways, Todays session shows some improvement: after ending yesterday at $1,372, Soybeans ascended as high as $1,386.25 before meeting resistance. Undeterred, Soybeans posted a fresh rally late in the trading session targeting $1,381.25 per bushel.
United States Consumer Confidence data will be released today at 14:00 UTC, with an expected decline to 106.5.
At the same time, United States Services PMI released yesterday at 13:45 UTC with a figure of 46.6, while the previous figure was 49.3. United States Composite PMI came out at 47.3, while a consensus of analysts was expecting 49.3. United States Manufacturing PMI released yesterday at 13:45 UTC with a figure of 49.9, while the previous figure was 52.
Trend-focused traders would be interested to note that Soybeans made an initial breakout above its 5 day Simple Moving Average at $1,384.5, a potential indicator of a newly emerging bullish phase. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $1,411.53, thereby suggesting that the Soybeans future is becoming overvalued. Analysis of Soybeans's recent price action suggests CME Soybeans could be slowing down soon as it approaches resistance at $1,383. Of course, crossing it might suggest further gains are ahead.
With market volatility ebbing, the current technical outlook indicates Soybeans will remain range-bound for the immediate future.
Moreover, macro data could boost sentiment further as United States Crude Oil Inventories is projected to outperform its last figure with 200,000, having previously been at -1.73 million. The figure will be published tomorrow at 14:30 UTC.
Also worthy of note, today at 14:00 UTC data for United States Consumer Confidence will be released, with an expected decline to 106.5 from the preceding figure of 108.
The market is looking forward to the release of new data: United States New Home Sales (Sep) is expected tomorrow at 14:00 UTC.
Trading mostly sideways for a month. 4 months ago Soybeans reached a significant high of $1,746.75 but has consequently lost 21.45% since then.