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SOYBEAN, H4 | Potential Bearish Continuation

41069 soybean h4 potential bearish continuation

Type: Bearish BreakoutKey Levels:Resistance:1755.57Pivot:1711.19Support: 1646.92Preferred Case:On the H4, with price moving below the ichimoku cloud and price recently breaking the ascending trend channel, we have a bearish bias that price will drop from the pivot at 1711.19 in line with the 38.2% fibonacci retracement and overlap resistance to the 1st support at 1646.92 in line with the 61.8% fibonacci projection and pullback support.Alternative Scenario:Alternatively, price may bounce off the pivot and rise to the 1st resistance at 1755.57 in line with the 100% fibonacci projection and pullback resistance.

Source: Tickmill

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