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

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

Type: Bearish ContinuationKey Levels:Resistance: 1704’6Pivot: 1687’6Support: 1659’2Preferred Case:With price moving below the ichimoku cloud, we see a potential bearish continuation from our pivot level of 1687’6 which is in line with 38.2% Fibonacci retracement and horizontal pullback resistance towards our 1st support level of 1659’2 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 1704’6 in line with 61.8% Fibonacci retracement and horizontal pullback resistance.Fundamentals:No major news.

Source: Tickmill

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