Type:
Bullish Rise
Key Levels:
Resistance: 690'6
Pivot: 679'3
Support: 673'1
Preferred Case:
Price is moving above the ichimoku cloud which supports our bullish bias that price will rise from the pivot at 679'3 where the pullback support and 23.6% fibonacci retracement are to the 1st resistance at 690'6 in line with the swing high resistance, 78.6% fibonacci projection and 78.6% fibonacci retracement .
Alternative Scenario:
Alternatively, price may break pivot structure and drop to the 1st support at 673'1 in line with the overlap support and 38.2% fibonacci retracement .
Fundamentals:
Since both countries, Russia and Ukraine, are major exporter of agriculture goods and their persistent war will lead to a shortage of agricultural goods and give us a bullish bias for oat.
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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.