Soybean Oil Futures (ZL1!), H1 Potential for Bearish Continuatio
Type : Bearish Continuation
Resistance: 83'13
Pivot: 81'56
Support : 79'99
Preferred case: With price expected to reverse off the resistance of the ichimoku cloud, we see a potential bearish continuation from our pivot level of 81'56 which is in line with 61.8% Fibonacci retracement and horizontal overlap resistance towards our 1st support level of 79'99 which is in line with the horizontal swing high resistance.
Alternative scenario: Alternatively, price may break our pivot structure and head for 1st resistance level of 83'13 in line with 38.2% Fibonacci retracement and horizontal pullback resistance.
Fundamentals: No major news.
Resistance: 83'13
Pivot: 81'56
Support : 79'99
Preferred case: With price expected to reverse off the resistance of the ichimoku cloud, we see a potential bearish continuation from our pivot level of 81'56 which is in line with 61.8% Fibonacci retracement and horizontal overlap resistance towards our 1st support level of 79'99 which is in line with the horizontal swing high resistance.
Alternative scenario: Alternatively, price may break our pivot structure and head for 1st resistance level of 83'13 in line with 38.2% Fibonacci retracement and horizontal pullback resistance.
Fundamentals: No major news.