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

CBOT:ZS1!   Soybean Futures
Title: Soybean Futures ( ZS1! ), H4 Potential for Bearish Drop
Type: Bearish Drop
Resistance: 1535.00
Pivot: 1492.25
Support: 1457.75

Preferred case: Looking at the H4 chart, my overall bias for ZS1! is bearish due to the current price being under the Ichimoku cloud, indicating a bearish market. If this bearish momentum continues, expect price to possibly continue heading towards the support at 1457.75, where the 61.8% Fibonacci line is.

Alternative scenario: Price may head back up to retest the pivot at 1492.25, where the 38.2% 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.