Soybeans SOYBEAN technical analysis

Soybean is in an uptrend on the daily timeframe, but momentum is cooling, with the 4-hour RSI at 54 and price slipping 0.49% to $1309.75. The price sits just above the daily SMA20 of $1,308.13, though the 4-hour SMA20 of $1,308.13 is a more immediate pivot.

The immediate battle is between the daily support zone of $1,304.79-1,308.71 (1 touch) and the 4-hour resistance zone of $1,319.75-1,324 (3 touches). Below, the 4-hour support zone at $1,290.25-1,300 has seen 3 touches, while the daily support at $1,282.04-1,285.96 has only 1 touch.

Bulls need a close above $1,319.75-1,324 to renew momentum, targeting higher levels. Bears must push price through $1,304.79-1,308.71 and then the $1,290.25-1,300 zone with its 3 touches to shift the structure. The rising 4-hour trendline near $1,296.55 is a key conditional level for bulls to defend.