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