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

soybean-futures-(zs1!),-h1-potential-for-bearish-continuation

Type: Bearish ContinuationKey Levels:Resistance: 1674Pivot: 1662’6Support: 1644Preferred Case:With price moving below the Ichimoku cloud, we see a potential bearish continuation from our pivot level of 1662’6 which is in line with 50% Fibonacci retracement and horizontal pullback resistance towards our 1st support level of 1644 which is in line with the horizontal pullback support.Alternative Scenario:Alternatively, price may break our pivot structure and head for 1st resistance level of 1674 in line with 61.8% Fibonacci retracement and horizontal pullback resistance.Fundamentals:No major news.

Source: Tickmill

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