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Soybeans Future (ZS1!), H1 Bearish Drop

36830 soybeans future zs1 h1 bearish drop

Type: Bearish DropKey Levels:Resistance: 1643’2|Pivot: 1623’2Support: 1579’6Preferred Case:With price moving below the Ichimoku cloud and expected to reverse off the stochastics indicator, we see a potential bearish dip from our Pivot at 1623’2 in line 38.2% Fibonacci retracement towards our 1st support at 1579’6 in line with the horizontal swing low support and 161.8% Fibonacci extension.Alternative Scenario:Alternatively, if price breaks our pivot structure, it may head for 1st resistance at 1643’2 in line with the 61.8% Fibonacci retracement and horizontal pullback resistance.Fundamentals:No major news

Source: Tickmill

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