Soybean Oil Futures ( ZL1! ), H4 Potential for Bullish Rise
Title: Soybean Oil Futures ( ZL1! ), H4 Potential for Bullish Rise
Type: Bullish Rise
Resistance: 64.60
Pivot: 61.66
Support: 59.90
Preferred case: Looking at the H4 chart, my overall bias for ZL1!is bullish due to the current price being above the Ichimoku cloud , indicating a bullish market. Expecting price to retest the pivot at 61.66, where the overlap support and 23.6 % Fibonacci line is before heading towards the resistance at 64.60, where the overlap resistance and 61.8% Fibonacci line is.
Alternative scenario: Price could head back down to break the pivot at 61.66, where the overlap support and 23.6 % Fibonacci line is, before heading towards the support at 59.90, where the previous swing low is.
Fundamentals: There are no major news.
Type: Bullish Rise
Resistance: 64.60
Pivot: 61.66
Support: 59.90
Preferred case: Looking at the H4 chart, my overall bias for ZL1!is bullish due to the current price being above the Ichimoku cloud , indicating a bullish market. Expecting price to retest the pivot at 61.66, where the overlap support and 23.6 % Fibonacci line is before heading towards the resistance at 64.60, where the overlap resistance and 61.8% Fibonacci line is.
Alternative scenario: Price could head back down to break the pivot at 61.66, where the overlap support and 23.6 % Fibonacci line is, before heading towards the support at 59.90, where the previous swing low is.
Fundamentals: There are no major news.
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