Soybean Futures ( ZS1! ), H4 Potential for Bullish Momentum
Title: Soybean Futures ( ZS1! ), H4 Potential for Bullish Momentum
Type: Bullish Momentum
Resistance: 1484.50
Pivot: 1350.00
Support: 1375.75
Preferred case: The current bias for ZS1! on the H4 chart is bullish. To add to this bias, the price is currently trading above the Ichimoku cloud, indicating a bullish market. Price had some bullish momentum upwards toward the end of last week, and it is currently trading at 1409.50. If the bullish momentum continues, price may move towards the resistance at 1484.50, which contains the 23.6% and 78.6% Fibonacci lines. There is also a 61.8% Fibonacci projection line there too.
Alternative scenario: Price may retrace downwards and head towards the 1375.75 support level, which is just below the 50% and 23.6% Fibonacci lines.
Fundamentals: There are no major news.
Type: Bullish Momentum
Resistance: 1484.50
Pivot: 1350.00
Support: 1375.75
Preferred case: The current bias for ZS1! on the H4 chart is bullish. To add to this bias, the price is currently trading above the Ichimoku cloud, indicating a bullish market. Price had some bullish momentum upwards toward the end of last week, and it is currently trading at 1409.50. If the bullish momentum continues, price may move towards the resistance at 1484.50, which contains the 23.6% and 78.6% Fibonacci lines. There is also a 61.8% Fibonacci projection line there too.
Alternative scenario: Price may retrace downwards and head towards the 1375.75 support level, which is just below the 50% and 23.6% Fibonacci lines.
Fundamentals: There are no major news.