Soybean Futures ( ZS1!), H1 Potential for Bullish Bounce
Type: Bullish Bounce
Resistance: 1710'4
Pivot: 1690'6
Support: 1682'2
Preferred case: We see the potential for a bounce from our pivot at 1690'6 in line with 38.2% Fibonacci retracement and 61.8% Fibonacci projection towards our 1st resistance at 1710'4 in line with 100% Fibonacci projection and 161.8% Fibonacci extension.
Alternative scenario: Alternatively, price may break our pivot structure and head for 1st support at 1682'2 in line with 100% Fibonacci extension and 61.8% Fibonacci retracement.
Fundamentals: No major news.
Resistance: 1710'4
Pivot: 1690'6
Support: 1682'2
Preferred case: We see the potential for a bounce from our pivot at 1690'6 in line with 38.2% Fibonacci retracement and 61.8% Fibonacci projection towards our 1st resistance at 1710'4 in line with 100% Fibonacci projection and 161.8% Fibonacci extension.
Alternative scenario: Alternatively, price may break our pivot structure and head for 1st support at 1682'2 in line with 100% Fibonacci extension and 61.8% Fibonacci retracement.
Fundamentals: No major news.
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