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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: 392.0
Support: 404.7

Preferred case: Looking at the H4 chart, the current overall bias for ZM1! is bearish . To add confluence to this bias, the price is currently under the Ichimoku cloud which indicates a bearish market. However overnight, price has closed back up above the 1st support at 404.7 where the 0% Fibonacci line and 23.6% Fibonacci line and previous swing low are located. If the bullish momentum continues, expect price to continue heading towards the 1st resistance level at 418.0 where the 50% Fibonacci line and 23.6% Fibonacci line are located.

Alternative scenario: Price may close below the 1st support at 404.7 and head downwards to the pivot at 392.0

Fundamentals: There are no major news.
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