Soybean Futures (ZS1!), H1 Potential for Bearish Continuation

38559 soybean futures zs1 h1 potential for bearish continuation

Type: Bearish ContinuationKey Levels:Resistance: 1662’6Pivot:1653’4Support: 1626’2Preferred Case:With price moving below the Ichimoku cloud, we see a potential bearish continuation from our pivot level of 1653’4 which is in line with 38.2% Fibonacci retracement and horizontal pullback resistance towards our 1st support level of 1626’2 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 1662’6 in line with 50% Fibonacci retracement and horizontal pullback resistance.Fundamentals:No major news

Source: Tickmill

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