Soybean Oil Futures (ZL1!), H1 Potential for Bearish Continuatio
Type : Bearish Continuation
Resistance: 85'46
Pivot: 83'76
Support : 82'04
Preferred case: With price expected to reverse off the resistance of the ichimoku cloud, we see a potential bearish continuation from our pivot level of 83'76 which is in line with 50% Fibonacci retracement and horizontal pullback resistance towards our 1st support level of 82'04 which is in line with the horizontal pullback support and 38.2% Fibonacci retracement.
Alternative scenario: Alternatively, price may break our pivot structure and head for 1st resistance level of 85'46 in line with 50% Fibonacci retracement and horizontal pullback resistance.
Fundamentals: No major news.
Resistance: 85'46
Pivot: 83'76
Support : 82'04
Preferred case: With price expected to reverse off the resistance of the ichimoku cloud, we see a potential bearish continuation from our pivot level of 83'76 which is in line with 50% Fibonacci retracement and horizontal pullback resistance towards our 1st support level of 82'04 which is in line with the horizontal pullback support and 38.2% Fibonacci retracement.
Alternative scenario: Alternatively, price may break our pivot structure and head for 1st resistance level of 85'46 in line with 50% Fibonacci retracement and horizontal pullback resistance.
Fundamentals: No major news.