Type: Bearish MomentumKey Levels:Resistance: 16.985Pivot: 16.760Support: 16.360Preferred Case:On the H1, price is moving below the ichimoku cloud and has a bearish exit from the ascending channel which supports our bearish bias that when price drops to our pivot at 16.760 in line with swing low resistance, 61.8% fibonacci projection and 78.6% fibonacci projection , there will be a bearish momentum that price will drop to the 1st support at 16.375 in line with the swing low support and 100% fibonacci projection .Alternative Scenario:Alternatively, price may break through pivot structure and rise to the 1st resistance level at 16.985 in line with the pullback resistance.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 rice.
Source: Tickmill
