SOYBEAN OIL Futures (ZL1!), H4 Potential For Bullish Momentum

Type:
Bullish Rise

Key Levels:
Resistance: 72.14
Pivot: 68.00
Support: 63.91

Preferred Case:
On the H4, with price moving along the ascending channel and above the ichimuku cloud, we have a bullish bias that price may rise from our pivot at 68.00 where the 38.2% fibonacci retracement is to the 1st resistance at 72.14 where the pullback resistance and 100% fibonacci projection are.

Alternative Scenario:
Alternatively, price could break pivot structure and drop to 1st support at 63.91 where the overlap resistance and 38.2% fibonacci retracement are.

Fundamentals:
No key news

Source: Tickmill

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