Soybean Futures (ZS1!) H4 | Pullback Resistance at 38.2% Fibonacci Retracement
Soybean Futures (ZS1!) H4 | Pullback Resistance at 38.2% Fibonacci Retracement
Type:
Bearish Reversal
Key Levels:
Resistance: 1057’0
Pivot: 1045’2
Support: 1019’0
Preferred Case:
Looking at the H4 chart, the price is rising towards a pullback resistance where it could stall before reversing to fall lower toward the 1st Support at 1019’0.
Alternative Scenario:
Price may break above the Pivot at 1045’2 and rise towards the 1st Resistance at 1057’0.
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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.