Soy beans Futures ( ZS1! ), H1 Potential for Bearish drop
Type : Bullish Rise
Resistance : 1716'4
Pivot: 1702'6
Support : 1675'4
Preferred Case: Price is moving below the ichimoku cloud which supports our bearish bias that price will drop from the pivot at 1702'6 where the overlap resistance and 23.6% fibonacci retracement are to the 1st resistance at 1716'4 in line with the swing high resistance, 50% fibonacci retracement.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support at 1675'4 in line with the swing low support, 100% fibonacci projection and 50% fibonacci retracement .
Fundamentals: Since both countries, Russia and Ukraine, are major exporter of agriculture goods and their persistent war will lead to a shortage of agricultural goods and give us a bullish bias for soybean.
Resistance : 1716'4
Pivot: 1702'6
Support : 1675'4
Preferred Case: Price is moving below the ichimoku cloud which supports our bearish bias that price will drop from the pivot at 1702'6 where the overlap resistance and 23.6% fibonacci retracement are to the 1st resistance at 1716'4 in line with the swing high resistance, 50% fibonacci retracement.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support at 1675'4 in line with the swing low support, 100% fibonacci projection and 50% fibonacci retracement .
Fundamentals: Since both countries, Russia and Ukraine, are major exporter of agriculture goods and their persistent war will lead to a shortage of agricultural goods and give us a bullish bias for soybean.