Soybean Meal Futures ( ZM1! ), H4 Potential for Bullish Momentum

CBOT:ZM1!   Soybean Meal Futures
Title: Soybean Meal Futures ( ZM1! ), H4 Potential for Bullish Momentum
Type: Bullish Momentum
Resistance: 441.4
Pivot: 404.5
Support: 418.8

Preferred case: The current bias for ZM1! on the H4 chart is bullish . To add to this bias, the price is currently trading above the Ichimoku cloud , indicating a bullish market. Overnight price had some bearish momentum, and it is currently trading at 1409.50. If the overall bullish momentum continues, price may head towards the resistance at 441.4, where the previous high and 100% Fibonacci line is located.

Alternative scenario: Price may retrace downwards and head towards the 418.8 support level , where the 50% and 23.6% Fibonacci lines are located.

Fundamentals: There are no major news.

This analysis is provided as general market commentary and does not constitute investment advice.

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