Soybean Futures ( ZS1! ), H4 Potential for Bearish Momentum

CBOT:ZS1!   Soybean Futures
Title: Soybean Futures ( ZS1! ), H4 Potential for Bearish Momentum
Type: Bearish Momentum
Resistance: 1433.75
Pivot: 1409.75
Support: 1391.75

Preferred case: On the H4 chart, we have a bearish bias. To add confluence to this, price is under the Ichimoku cloud which indicates a bearish market. If this bearish momentum continues, expect price to possibly continue heading towards the Pivot at 1409.75, where the 38.2% Fibonacci line is.

Alternative scenario: Price may go back up to retest the resistance at 1433.75, where the 50% Fibonacci line is.

Fundamentals: There are no major news.

This analysis is provided as general market commentary and does not constitute investment advice.

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