RICE FUTURES (ZR1!), H1 Potential for Bearish Momentum

CBOT:ZR1!   Rice Futures
Type : Bearish Momentum
Resistance : 16.715
Pivot: 16.570
Support : 16.105

Preferred Case: On the H1, with price moving below the ichimoku indicator and within the descending channel , we have a bearish bias that price will rise to and drop from our pivot at 16.570 in line with the swing high resistance to the 1st support at 16.105 in line with the 61.8% fibonacci projection and swing low support.

Alternative scenario: Alternatively, price may break the pivot structure and rise to the 1st resistance at 16.715 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.

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