Soybean futures (ZS1!), H4 Potential for Bullish Bounce!
Type : Bullish bounce
Resistance : 1686'0
Pivot: 1667'2
Support : 1658'4
Preferred case: With price expected to bounce off the RSI indicator, we have a bullish bias that price will rise to our 1st resistance at 1686'0 in line with the horizontal swing high resistance and 50% and 78.6% Fibonacci retracement from our pivot at 1667'2 in line with the 23.6% Fibonacci retracement.
Alternative scenario: Alternatively, price may break our pivot structure and head for 1st support at 1658'4 where the 50% Fibonacci retracement is.
Fundamentals: No major news.
Resistance : 1686'0
Pivot: 1667'2
Support : 1658'4
Preferred case: With price expected to bounce off the RSI indicator, we have a bullish bias that price will rise to our 1st resistance at 1686'0 in line with the horizontal swing high resistance and 50% and 78.6% Fibonacci retracement from our pivot at 1667'2 in line with the 23.6% Fibonacci retracement.
Alternative scenario: Alternatively, price may break our pivot structure and head for 1st support at 1658'4 where the 50% Fibonacci retracement is.
Fundamentals: No major news.