Type : Bearish Momentum
Resistance : 691'1
Pivot: 663'0
Support : 607'4
Preferred Case: Price is moving below the ichimoku cloud and MACD is moving in a bearish momentum which supports our bearish bias that price will drop from the pivot at 663'0 where the overlap resistance is to the 1st support at 607'4 in line with the swing low support, 78.6% fibonacci retracement and -61.8% fibonacci expansion.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st resistance at 691'1 in line with the swing high resistance, 78.6% fibonacci projection and 78.6% fibonacci retracement .
Fundamentals: Since both countries, Russia and Ukraine, are major exporter of agriculture goods and their persistent war will lead to a shortage of agricultural goods and give us a bullish bias for oat.
Resistance : 691'1
Pivot: 663'0
Support : 607'4
Preferred Case: Price is moving below the ichimoku cloud and MACD is moving in a bearish momentum which supports our bearish bias that price will drop from the pivot at 663'0 where the overlap resistance is to the 1st support at 607'4 in line with the swing low support, 78.6% fibonacci retracement and -61.8% fibonacci expansion.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st resistance at 691'1 in line with the swing high resistance, 78.6% fibonacci projection and 78.6% fibonacci retracement .
Fundamentals: Since both countries, Russia and Ukraine, are major exporter of agriculture goods and their persistent war will lead to a shortage of agricultural goods and give us a bullish bias for oat.