Soybean Oil Futures (ZL1!), H1 Potential for Bullish rise!
Type: Bullish rise
Resistance : 76.62
Pivot: 73.05
Support : 71.50
Preferred case: With price moving above the ichimoku cloud, we have a bullish bias that price will rise to our 1st resistance in line with the 76.62 in line with the swing high resistance from our pivot of 73.05 in line with the 38.2% Fibonacci retracement and the horizontal overlap support.
Alternative scenario: Alternatively, price may break pivot structure and head for 1st support at 71.50 in line with the 61.8% Fibonacci retracement and the horizontal swing low support.
Fundamentals: No major news.
Resistance : 76.62
Pivot: 73.05
Support : 71.50
Preferred case: With price moving above the ichimoku cloud, we have a bullish bias that price will rise to our 1st resistance in line with the 76.62 in line with the swing high resistance from our pivot of 73.05 in line with the 38.2% Fibonacci retracement and the horizontal overlap support.
Alternative scenario: Alternatively, price may break pivot structure and head for 1st support at 71.50 in line with the 61.8% Fibonacci retracement and the horizontal swing low support.
Fundamentals: No major news.
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