Type : Bearish Momentum
Resistance : 16.990
Pivot: 16.725
Support : 16.125
Preferred Case: On the H1, with price moving below the ichimoku indicator and within the descending channel , we have a bearish bias that price will rise to and drop from our pivot at 16.725 in line with the 38.2% fibonacci retracement and overlap resistance to the 1st support at 16.125 in line with the 161.8% fibonacci extension and swing low support.
Alternative scenario: Alternatively, price may break the pivot structure and rise to the 1st resistance at 16.990 in line with the overlap resistance, 100% fibonacci projection and 50% fibonacci retracement .
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 : 16.990
Pivot: 16.725
Support : 16.125
Preferred Case: On the H1, with price moving below the ichimoku indicator and within the descending channel , we have a bearish bias that price will rise to and drop from our pivot at 16.725 in line with the 38.2% fibonacci retracement and overlap resistance to the 1st support at 16.125 in line with the 161.8% fibonacci extension and swing low support.
Alternative scenario: Alternatively, price may break the pivot structure and rise to the 1st resistance at 16.990 in line with the overlap resistance, 100% fibonacci projection and 50% fibonacci retracement .
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.