Soybean Futures price gains more than 3% after intraday sellers face pushback near session highs

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Soybean futures rise 3.37% today

Highlights

Soybean Futures trade below short- and medium-term averages but remain above long-term support, indicating persistent selling pressure with underlying stability.
Momentum indicators show continuing downside risk, with neutral RSI and oversold signals on Stochastic RSI and CCI.
The projected five-day trading range is $1,179 to $1,240, with more than 80% probability of a move lower.

Anton Kharitonov, expert at Traders Union, points out that Soybean Futures face persistent technical resistance near the MA-20 and MA-50. He sees daily momentum indicators remaining soft, with the MACD and ADX both pointing to weak trading dynamics. Intraday sellers are still dominant, and the lack of supporting news flows gives no counterbalance to the negative technical setup. The asset’s attempts to rebound fall short of convincing, and longer-term support at MA-200 appears fragile. "This rebound looks more like a brief pause in a broader downtrend than a genuine reversal," Kharitonov says.

Viktoras Karapetjanc, expert at Traders Union, believes Soybean Futures are showing the first signs of stabilizing despite strong intraday selling. He notes that prices remain above the MA-200, indicating a foundation that could support upside movement. The forecast range of USX1,179 to USX1,240 leaves room for tactical opportunities if momentum improves. While news flows are absent, he sees a constructive setup for buyers who are patient. "I see this as a platform for further growth if resistance at USX1,230 is cleared," Karapetjanc emphasizes.

Sholanke Dele, market strategist, notes that the technical rebound in Soybean Futures is unconvincing and largely capped by overhead resistance. He highlights continued risk as daily indicators persistently flash weakness, with sellers keeping the upper hand. The absence of news catalysts further limits any turnaround potential. "Without a shift in sentiment or external drivers, downside risk is likely to prevail in the near term," Dele cautions.

Muted momentum with selling pressure at key technical levels

Soybean Futures are currently trading just below the MA-20 (USX1,230) and MA-50 (USX1,270), but remain above the MA-200 (USX1,211). This configuration reflects ongoing short- and medium-term selling pressure, with some longer-term support still in place. The near-term ceiling is at USX1,230, and the floor is at USX1,211. Daily momentum indicators remain weak, with the MACD showing persistent downside momentum and the ADX indicating a weak trend at 19.26. The RSI is neutral, while both the Stochastic RSI and CCI are in oversold zones. Sellers dominate intraday trading, as seen in the negative Bull/Bear Power (BBP) value, and the Awesome Oscillator also confirms selling pressure. The asset opened nearly flat but has now moved toward session highs near USX1,228, demonstrating an attempt at a rebound. Overall, momentum remains soft and the short-term tone is cautious.

Earlier, analysts noted that Soybean Futures were under continued technical pressure amid weak momentum and a cautious outlook. The current rebound attempt adds a new dimension, but given ongoing selling pressure and resistance at short-term moving averages, traders should closely monitor the USX1,211 support for potential downside risk in the coming sessions.

Source of Data: ZS Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

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