Oat Futures ( ZO1! ), H1 Potential for Bullish bounce
Type : Bullish Rise
Resistance : 731'3
Pivot: 699'2
Support : 684'6
Preferred Case: Price is moving along the ascending trendline and is moving above the ichimoku cloud which supports our bullish bias that price will rise from the pivot at 699'2 where the pullback support is to the 1st resistance at 731'3 in line with the 78.6% fibonacci projection , 61.8% fibonacci retracement and swing high resistance.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support at 684'6 in line with the swing high support.
Fundamentals: Since both countries, Russia and Ukraine, are major exporter of agriculture goods and their persistent war will lead to a shortage of agricultural goods and give us a bullish bias for oat.
Resistance : 731'3
Pivot: 699'2
Support : 684'6
Preferred Case: Price is moving along the ascending trendline and is moving above the ichimoku cloud which supports our bullish bias that price will rise from the pivot at 699'2 where the pullback support is to the 1st resistance at 731'3 in line with the 78.6% fibonacci projection , 61.8% fibonacci retracement and swing high resistance.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support at 684'6 in line with the swing high support.
Fundamentals: Since both countries, Russia and Ukraine, are major exporter of agriculture goods and their persistent war will lead to a shortage of agricultural goods and give us a bullish bias for oat.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results