RICE FUTURES (ZR1!), H1 Potential for Bearish Momentum
Type : Bearish Momentum
Resistance : 17.430
Pivot: 16.990
Support : 16.440
Preferred Case: On the H1, price is moving below the ichimoku cloud and has broken out from the ascending channel which supports our bearish bias that price will drop from our pivot at 16.990 in line with the pullback resistance and 78.6% fibonacci retracement to the 1st support at 16.440 in line with the swing low support, 127.2% fibonnaci extension and 100% fibonacci projection.
Alternative scenario: Alternatively, price may break through pivot structure and rise to the 1st resistance level at 17.430 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 : 17.430
Pivot: 16.990
Support : 16.440
Preferred Case: On the H1, price is moving below the ichimoku cloud and has broken out from the ascending channel which supports our bearish bias that price will drop from our pivot at 16.990 in line with the pullback resistance and 78.6% fibonacci retracement to the 1st support at 16.440 in line with the swing low support, 127.2% fibonnaci extension and 100% fibonacci projection.
Alternative scenario: Alternatively, price may break through pivot structure and rise to the 1st resistance level at 17.430 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.