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

Long
CBOT:ZM1!   Soybean Meal Futures
Title: Soybean Meal Futures ( ZM1! ), H4 Potential for Bullish Momentum
Type: Bullish Momentum
Resistance: 418.0
Pivot: 404.5
Support: 399.3

Preferred case: Looking at the H4 chart, the current overall bias for ZM1! is bullish . To add confluence to this bias, the price is currently above the Ichimoku cloud which indicates a bullish market. Overnight, price has continued bullish moving above the pivot level at 404.5 where the 0% Fibonacci line and 23.6% Fibonacci line are located. Expecting this bullish momentum to continue and for price to head towards the resistance line at 418.0 where the 50% and 23.6% Fibonacci lines are located.

Alternative scenario: Price may head back down towards the Pivot level at 404.5 where the 0% Fibonacci line and 23.6% Fibonacci line are located.

Fundamentals: There are no major news.
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