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

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

Type: Bearish ContinuationKey Levels:Resistance: 83’30Pivot: 82’45Support: 79’93Preferred Case:With price expected to reverse off the resistance of the ichimoku cloud, we see a potential bearish continuation from our pivot level of 82’45 which is in line with 38.2% Fibonacci retracement and horizontal pullback resistance towards our 1st support level of 79’93 which is in line with the horizontal swing low support and 78.6% Fibonacci retracement.Alternative Scenario:Alternatively, price may break our pivot structure and head for 1st resistance level of 83’30 in line with 50% Fibonacci retracement and horizontal swing high resistance.Fundamentals: No major news.

Source: Tickmill

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