Tickmill

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:418.0
Pivot: 392.0
Support: 404.7

Preferred case: The current overall bias for ZM1! is bearish , according to the H4 chart. To add to this bias, the price is currently below the Ichimoku cloud , indicating a bearish market. However, price has been rising bullishly upwards since the 7th of October, with price touching the first resistance line at 418.0, where the 50% and 23.6% Fibonacci lines lie. If the bullish trend continues, price will break above the first resistance line and continue to rise.

Alternative scenario: Price may retrace back down towards the 1st support at 404.7 where the previous low and 23.6% Fibonacci line is.

Fundamentals: There are no major news.

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