Soybean Oil Futures (ZL1!), H1 Potential for Bearish Continuation

soybean-oil-futures-(zl1!),-h1-potential-for-bearish-continuation

Type: Bearish ContinuationKey Levels:Resistance: 85’46Pivot: 83’76Support: 82’04Preferred Case:With price expected to reverse off the resistance of the Ichimoku cloud, we see a potential bearish continuation from our pivot level of 83’76 which is in line with 50% Fibonacci retracement and horizontal pullback resistance towards our 1st support level of 82’04 which is in line with the horizontal pullback support and 38.2% Fibonacci retracement.Alternative Scenario:Alternatively, price may break our pivot structure and head for 1st resistance level of 85’46 in line with 50% Fibonacci retracement and horizontal pullback resistance.Fundamentals:No major news

Source: Tickmill

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