Type: Bearish MomentumKey Levels:Resistance: 1579’0Pivot: 1495’2Support: 1426’0Preferred Case:On the H1, with price moving below the ichimoku cloud , we have a bearish bias that price will drop to the pivot at 1495’2 in line with the swing low support. Once we have downside confirmation that price has broken past pivot structure, we would expect bearish momentum to carry price to the 1st support at 1426’0 where the 161.8% fibonacci extension and 78.6% fibonacci projection are.Alternative Scenario:Alternatively, price may rise to the 1st resistance at 1579’0 where the overlap resistance and 38.2% fibonacci retracement are.Fundamentals:Since both countries, Russia and Ukraine, are major exporter of agriculture goods and their persistent war will lead to a shortage of agricultural goods and give us a bullish bias for soybean .
Source: Tickmill
