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: 1407.75
Preferred case: On the H4 chart, the overall bias for ZS1! is bullish . To add confluence to this, price is above the Ichimoku cloud which indicates a bullish market. Overnight price had bullish momentum upwards with price currently trading at 1449.75 at time of writing. If this bullish momentum continues, expect price to head towards the resistance line at 1484.50, where the 23.6%, 78.6% Fibonacci lines and 61.8% Fibonacci projection line are located.
Alternative scenario: Price may retrace downwards towards the the support line at 1407.75, where 2 of the 38.2% Fibonacci lines are located.
Fundamentals: There are no major news.
Type: Bullish Momentum
Resistance: 1484.50
Pivot: 1350.00
Support: 1407.75
Preferred case: On the H4 chart, the overall bias for ZS1! is bullish . To add confluence to this, price is above the Ichimoku cloud which indicates a bullish market. Overnight price had bullish momentum upwards with price currently trading at 1449.75 at time of writing. If this bullish momentum continues, expect price to head towards the resistance line at 1484.50, where the 23.6%, 78.6% Fibonacci lines and 61.8% Fibonacci projection line are located.
Alternative scenario: Price may retrace downwards towards the the support line at 1407.75, where 2 of the 38.2% Fibonacci lines are located.
Fundamentals: There are no major news.