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

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

Type: Bearish ReversalKey Levels:Resistance: 1697’4Pivot: 1680’0Support: 1652’4Preferred Case:We see the potential for a bearish reversal from our pivot at 1680’0 in line with 61.8% Fibonacci projection and 78.6% Fibonacci retracement towards our 1st support at 1652’4 in line with 38.2% Fibonacci retracement and 61.8% Fibonacci projection. Our bearish bias is supported by the RSI indicator being at levels where reversal previously occurred.Alternative Scenario:Alternatively, price may break our pivot structure and head for 1st resistance at 1697’4 in line with a graphical swing high.Fundamentals:No major news

Source: Tickmill

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