Soybean futures (ZS1!), H4 Potential for Bullish Bounce!


Soybean futures (ZS1!), H4 Potential for Bullish Bounce!

Type : Bullish bounce
Resistance : 1757’4
Pivot: 1658’6
Support : 1583’2
Preferred case: With price moving above our ichimoku cloud , we have a bullish bias that price will rise to our 1st resistance at 1757’4 in line with the horizontal swing high resistance from our pivot at 1658’6 in line with the 50% Fibonacci retracement .

Alternative scenario: Alternatively, price may break our pivot structure and head for 1st support at 1583’2 in line with the horizontal swing low support.

Fundamentals: No major news.