Soybeans arrested its three day decline Friday by adding $15.5 (1.3%)

A quick look at Friday: generally flat but with a slight bullish bias, CME Soybeans ranged between $1,182.25 and $1,205.75 before closing higher at $1,204.5 per bushel.

Soybeans could be slowing down soon as it approaches resistance at $1,212.75. Of course, crossing it might suggest further gains are ahead. The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored.

Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates Soybeans is set for a reversal in the coming days.

A look at other Grains also shows upside as Rough Rice went up by 0.42% Friday, and closed at $15.45.

CME Soybeans is now trading 20.28% below its 3-month high of $1,703.5.