Type : Bearish Momentum
Resistance : 16.985
Pivot: 16.760
Support : 16.360
Preferred Case: On the H1, price is moving below the ichimoku cloud and has a bearish exit from the ascending channel which supports our bearish bias that when price drops to our pivot at 16.760 in line with swing low resistance, 61.8% fibonacci projection and 78.6% fibonacci projection , there will be a bearish momentum that price will drop to the 1st support at 16.375 in line with the swing low support and 100% fibonacci projection .
Alternative scenario: Alternatively, price may break through pivot structure and rise to the 1st resistance level at 16.985 in line with the pullback resistance.
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 rice.
Resistance : 16.985
Pivot: 16.760
Support : 16.360
Preferred Case: On the H1, price is moving below the ichimoku cloud and has a bearish exit from the ascending channel which supports our bearish bias that when price drops to our pivot at 16.760 in line with swing low resistance, 61.8% fibonacci projection and 78.6% fibonacci projection , there will be a bearish momentum that price will drop to the 1st support at 16.375 in line with the swing low support and 100% fibonacci projection .
Alternative scenario: Alternatively, price may break through pivot structure and rise to the 1st resistance level at 16.985 in line with the pullback resistance.
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 rice.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
Thông báo miễn trừ trách nhiệm
Thông tin và ấn phẩm không có nghĩa là và không cấu thành, tài chính, đầu tư, kinh doanh, hoặc các loại lời khuyên hoặc khuyến nghị khác được cung cấp hoặc xác nhận bởi TradingView. Đọc thêm trong Điều khoản sử dụng.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
Thông báo miễn trừ trách nhiệm
Thông tin và ấn phẩm không có nghĩa là và không cấu thành, tài chính, đầu tư, kinh doanh, hoặc các loại lời khuyên hoặc khuyến nghị khác được cung cấp hoặc xác nhận bởi TradingView. Đọc thêm trong Điều khoản sử dụng.