On a 3 day uptrend, Friday's session put the brakes on the ongoing uptrend — a quiet day for the Soybeans future as it remained range-bound within a $1,383.75 – $1,407.25 range before closing at $1,393.25 per bushel.
Soybeans made an initial break below its 21 day Simple Moving Average at $1,398, a possible indication of a forthcoming negative trend. The Soybeans future's upper Bollinger Band® is at $1,417.62, suggesting that a downward move may follow. On the other hand, note that Soybeans is climbing away and is now $11 from the $1,382.25 support line.
Despite the market lacking direction, technical chart analysis strongly suggests Soybeans is positioned for a downward move in the near term.
While the Soybeans future was pretty flat Friday, mixed performances were seen elsewhere as after ending Friday's session at $16.45, Rough Rice lost 4.5 cents and is trading around $16.41.
Trading mostly sideways for a month. Approximately 4 months ago, CME Soybeans reached a significant high of $1,746.75 but has struggled to hold onto its gains and declined 20.34% since then.