Soybean Futures (ZS1!), H1 Potential for Bearish Continuation
Type : Bearish Continuation
Resistance: 1704'6
Pivot: 1687'6
Support : 1659'2
Preferred case: With price moving below the ichimoku cloud, we see a potential bearish continuation from our pivot level of 1687'6 which is in line with 38.2% Fibonacci retracement and horizontal pullback resistance towards our 1st support level of 1659'2 which is in line with the horizontal swing low support.
Alternative scenario: Alternatively, price may break our pivot structure and head for 1st resistance level of 1704'6 in line with 61.8% Fibonacci retracement and horizontal pullback resistance.
Fundamentals: No major news.
Resistance: 1704'6
Pivot: 1687'6
Support : 1659'2
Preferred case: With price moving below the ichimoku cloud, we see a potential bearish continuation from our pivot level of 1687'6 which is in line with 38.2% Fibonacci retracement and horizontal pullback resistance towards our 1st support level of 1659'2 which is in line with the horizontal swing low support.
Alternative scenario: Alternatively, price may break our pivot structure and head for 1st resistance level of 1704'6 in line with 61.8% Fibonacci retracement and horizontal pullback resistance.
Fundamentals: No major news.