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