Soybean Futures ( ZS1! ), H4 Potential for Bullish Continuation
Title: Soybean Futures ( ZS1! ), H4 Potential for Bullish Continuation
Type: Bullish Continuation
Resistance: 1508.75
Pivot: 1469.00
Support: 1423.25
Preferred case: Looking at the H4 chart, my overall bias for ZS1! is bullish due to the current price crossing above the Ichimoku cloud , indicating a bullish market. If this bullish momentum continues, expect price to possibly break the pivot at 1469.00, where the previous high and 78.6% Fibonacci line are before heading towards the resistance level at 1508.75, where the previous swing high is.
Alternative scenario: Price may head back down to the support at 1423.25, where the 38.2% Fibonacci line is.
Fundamentals: There are no major news.
Type: Bullish Continuation
Resistance: 1508.75
Pivot: 1469.00
Support: 1423.25
Preferred case: Looking at the H4 chart, my overall bias for ZS1! is bullish due to the current price crossing above the Ichimoku cloud , indicating a bullish market. If this bullish momentum continues, expect price to possibly break the pivot at 1469.00, where the previous high and 78.6% Fibonacci line are before heading towards the resistance level at 1508.75, where the previous swing high is.
Alternative scenario: Price may head back down to the support at 1423.25, where the 38.2% Fibonacci line is.
Fundamentals: There are no major news.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results