Soybean Futures (ZS1!) H1 | Pullback Resistance at 61.8% Fibonacci Retracement

Type:

Bearish Reversal

Key Levels:

Resistance: 1008'4

Pivot: 999'4

Support: 985'2

Preferred Case:

Looking at the H1 chart, my overall bias for soybean futures (ZS1!) is bearish as the price trades in a downtrend and underneath the red Ichimoku Cloud, highlighting the ongoing bearish momentum. It could rise towards the Pivot before reversing to drop towards the 1st Support at 985'2.

Alternative Scenario:

Price may break above the Pivot at 999'4 and rise towards the 1st Resistance at 1008'4.