Type : Bearish Momentum
Resistance : 16.775
Pivot: 16.610
Support : 16.040
Preferred Case: On the H1, with price moving below the ichimoku indicator and price breaking the ascending trendline, we have a bearish bias that price will drop from our pivot at 16.610 in line with the 23.6% fibonacci retracement and overlap resistance to the 1st support at 16.040 in line with the 78.6% fibonacci retracement and swing low support.
Alternative scenario: Alternatively, price may break the pivot structure and rise to the 1st resistance at 16.775 in line with the overlap resistance, 61.8% fibonacci projection and 38.2% 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 rice.
Resistance : 16.775
Pivot: 16.610
Support : 16.040
Preferred Case: On the H1, with price moving below the ichimoku indicator and price breaking the ascending trendline, we have a bearish bias that price will drop from our pivot at 16.610 in line with the 23.6% fibonacci retracement and overlap resistance to the 1st support at 16.040 in line with the 78.6% fibonacci retracement and swing low support.
Alternative scenario: Alternatively, price may break the pivot structure and rise to the 1st resistance at 16.775 in line with the overlap resistance, 61.8% fibonacci projection and 38.2% 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 rice.