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Soybeans Future (ZS1!), H1 Bearish Drop

36504 soybeans future zs1 h1 bearish drop

Type: Bearish DropKey Levels:Resistance: 1652’0Pivot: 1623’6Support: 1580’0Preferred Case:With price moving below the Ichimoku cloud, we see the potential for bearish drop from our Pivot level at 1623’6 in line 23.6% Fibonacci retracement towards our 1st support level at 1580’0 in line with the daily horizontal swing low support and 161.8% Fibonacci extension.Alternative Scenario: If price breaks out, it can potentially move towards our 1st resistance level at 1652’0 which is in line with 61.8% Fibonacci retracement and horizontal pullback resistance.Fundamentals:No major news.

Source: Tickmill

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