Type: Bullish MomentumKey Levels:Resistance: 1746’4Pivot: 1681’0Support: 1664’0Preferred Case:On the H4, with price moving above the ichimoku cloud, we have a bullish bias that price will rise from the pivot at 1681’0 in line with the 38.2% fibonacci retracement to the horizontal overlap resistance at 1746’4 at the swing high.Alternative Scenario:Alternatively, price may break the support structure at the pivot and drop to the support level at 1664’0 in line with the 61.8% fibonacci projection and 50% fibonacci retrracement.Fundamentals:With the ongoing Russian-Ukraine war, soybean supply has decreased, and demand has been continually increasing, thus we have a bullish view on soybean.
Source: Tickmill