Soybean Futures (ZS1!) H1 | Pullback Support at 50% Fibonacci Retracement
Soybean Futures (ZS1!) H1 | Pullback Support at 50% Fibonacci Retracement
Type:
Bullish Bounce
Key Levels:
Resistance: 1069’4
Pivot: 1043’6
Support: 1027’2
Preferred Case:
Looking at the H1 chart, the price could fall towards a pullback support and stabilize before making a bullish bounce to rise towards the 1st Resistance at 1069’4.
Alternative Scenario:
Price may break below the Pivot at 1043’6 to fall towards the 1st Support at 1027’2.
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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.