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: 1484.50
Pivot: 1409.75
Support: 1431.50

Preferred case: On the H4 chart, we have a bearish bias. To add confluence to this, price is crossing under the Ichimoku cloud which indicates a bearish market. If this bearish momentum continues, expect price to possibly break the support line at 1431.50 where the 50% Fibonacci line is located before 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 1484.50, where the previous swing high and 78.6% Fibonacci line is.

Fundamentals: There are no major news.

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.