Type: Bullish RiseKey Levels:Resistance: 1716’4Pivot: 1702’6Support: 1675’4Preferred Case:Price is moving below the ichimoku cloud which supports our bearish bias that price will drop from the pivot at 1702’6 where the overlap resistance and 23.6% fibonacci retracement are to the 1st resistance at 1716’4 in line with the swing high resistance, 50% fibonacci retracement .Alternative Scenario:Alternatively, price may break pivot structure and drop to the 1st support at 1675’4 in line with the swing low support, 100% fibonacci projection and 50% fibonacci retracement .Fundamentals:Since both countries, Russia and Ukraine, are major exporter of agriculture goods and their persistent war will lead to a shortage of agricultural goods and give us a bullish bias for soybean .
Source: Tickmill
