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Soybean Oil Futures (ZL1!), H1 Potential for Bullish Rise!

36859 soybean oil futures zl1 h1 potential for bullish rise

Type: Bullish RiseKey Levels:Resistance: 73.42Pivot: 72.11Support: 70.81Preferred Case:With price moving above the Ichimoku cloud, we have a bullish bias that price will rise to our 1st resistance in line with the 73.42 in line with the overlap resistance and 61.8% Fibonacci retracement from our pivot of 72.11 in line with the 23.6% Fibonacci retracement and the horizontal pullback support.Alternative Scenario:Alternatively, price may break pivot structure and head for 1st support at 70.81 in line with the 50% Fibonacci retracement and the horizontal overlap support.Fundamentals:No major news.

Source: Tickmill

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