Soybean Oil Future (ZL1! ), H1 Potential for Bearish Continuatio
Type : Bearish Continuation
Resistance: 81.27
Pivot: 79.67
Support : 78.42
Preferred case: With price moving below the ichimoku cloud, we see a potential bearish continuation from our pivot level of 79.67 which is in line with 50% Fibonacci retracement towards our 1st support level of 78.42 which is in line with the horizontal swing low support.
Alternative scenario: Alternatively, price may break our pivot structure and head for 1st resistance level of 81.27 in line with 78.6% Fibonacci projection.
Fundamentals: No major news.
Resistance: 81.27
Pivot: 79.67
Support : 78.42
Preferred case: With price moving below the ichimoku cloud, we see a potential bearish continuation from our pivot level of 79.67 which is in line with 50% Fibonacci retracement towards our 1st support level of 78.42 which is in line with the horizontal swing low support.
Alternative scenario: Alternatively, price may break our pivot structure and head for 1st resistance level of 81.27 in line with 78.6% Fibonacci projection.
Fundamentals: No major news.