Soybean futures (ZS1!), H4 Potential for Bullish bounce!
Type : Bullish bounce
Resistance : 1687'6
Pivot: 1660'4
Support : 1646'6
Preferred case: With price expected to reverse off the stochastics support, we have a bullish bias that price will rise from our pivot at 660'4 in line with the 100% Fibonacci projection to our 1st resistance at 1687'6 in line with the horizontal pullback resistance and 50% Fibonacci retracement.
Alternative scenario: Alternatively, price may break our pivot structure and head for 1st support at 1646'6 in line with the horizontal swing low support.
Fundamentals: No major news
Resistance : 1687'6
Pivot: 1660'4
Support : 1646'6
Preferred case: With price expected to reverse off the stochastics support, we have a bullish bias that price will rise from our pivot at 660'4 in line with the 100% Fibonacci projection to our 1st resistance at 1687'6 in line with the horizontal pullback resistance and 50% Fibonacci retracement.
Alternative scenario: Alternatively, price may break our pivot structure and head for 1st support at 1646'6 in line with the horizontal swing low support.
Fundamentals: No major news