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

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

Type: Bearish ContinuationKey Levels:Resistance: 1622’6Pivot: 1611’2Support: 1581’0Preferred Case:With price expected to reverse off the Ichimoku resistance and Fibonacci confluence area, we have a bearish bias that price will drop to our 1st support in line with the horizontal swing low support from our pivot of 1611’0 in line with the Fibonacci confluence area.Alternative Scenario:Alternatively, price may break pivot structure and head for 1st resistance in line with the 50% Fibonacci retracement and 100% Fibonacci projection.Fundamentals:No Major News

Source: Tickmill

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