Type:
Bullish Rise
Key Levels:
Resistance: 1508’4
Pivot: 1400’4
Support:
Preferred Case:
On the H4, with prices moving above the ichimoku indicator and broken out of the descending trendline , we have a bullish bias that price will rise from the pivot at 1438’6 where the pullback support and 23.6% fibonacci retracement are to the 1st resistance at 1508’4 where the swing high resistance is.
Alternative Scenario:
Alternatively, price could break pivot structure and drop to the 1st support at 1400’4 where the pullback support, 38.2% fibonacci retracement and 78.6% fibonacci projection are.
Fundamentals:
Since Russia and Ukraine are major exporter of agriculture goods, their persistent war will lead to a shortage of agricultural goods and give us a bullish bias for soybean .
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Written by Desmond Leong
Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.
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Source: Tickmill