Soybean Mini Futures (XK1!), H1 Potential for Bearish Drop
Type : Bearish Momentum
Resistance : 1580'4
Pivot: 1495'1
Support : 1420'2
Preferred Case: On the H1, with price moving below the ichimoku cloud and along a descending trendline , we have a bearish bias that price will drop to the pivot at 1495'1 in line with the swing low support. Once there is downside confirmation of price breaking pivot structure, we would expect bearish momentum to carry price to the 1st support at 1420'2 where the 161.8% fibonacci extension and 61.8% fibonacci projection are.
Alternative scenario: Alternatively, price may rise to the 1st resistance at 1580'4 where the overlap resistance and 38.2% fibonacci retracement are.
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 .
Resistance : 1580'4
Pivot: 1495'1
Support : 1420'2
Preferred Case: On the H1, with price moving below the ichimoku cloud and along a descending trendline , we have a bearish bias that price will drop to the pivot at 1495'1 in line with the swing low support. Once there is downside confirmation of price breaking pivot structure, we would expect bearish momentum to carry price to the 1st support at 1420'2 where the 161.8% fibonacci extension and 61.8% fibonacci projection are.
Alternative scenario: Alternatively, price may rise to the 1st resistance at 1580'4 where the overlap resistance and 38.2% fibonacci retracement are.
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 .
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results