Soybeans Future (ZS1!), H1 Bearish Drop
Type: Bearish Drop
Resistance : 1679'4
Pivot: 1667'4
Support : 1623'6
Preferred case: With price expected to reverse off the ichimoku resistance and the descending trend line, we see the potential for bearish drop from our Pivot level at 1667'4 in line 50% Fibonacci retracement towards our 1st support level at 1623'6 in line with the horizontal swing low support.
Alternative scenario: If price breaks out, it can potentially move towards our 1st resistance level at 1679'4 which is in line with 61.8% Fibonacci retracement and horizontal swing high resistance.
Resistance : 1679'4
Pivot: 1667'4
Support : 1623'6
Preferred case: With price expected to reverse off the ichimoku resistance and the descending trend line, we see the potential for bearish drop from our Pivot level at 1667'4 in line 50% Fibonacci retracement towards our 1st support level at 1623'6 in line with the horizontal swing low support.
Alternative scenario: If price breaks out, it can potentially move towards our 1st resistance level at 1679'4 which is in line with 61.8% Fibonacci retracement and horizontal swing high resistance.
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