Soybean Futures (ZS1!) H1 | Overlap Support at 61.8% Fibonacci Retracement
Soybean Futures (ZS1!) H1 | Overlap Support at 61.8% Fibonacci Retracement
Type:
Bullish Bounce
Key Levels:
Resistance: 1034’0
Pivot: 1016’2
Support: 1007’6
Preferred Case:
Looking at the H1 chart, the price could fall toward the pivot and potentially reverse off this level before rallying toward the 1st Resistance at 1034’0.
Alternative Scenario:
Price may break below the Pivot at 1016’2 and fall toward the 1st Support at 1007’6.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.