Type:
Bearish Momentum
Key Levels:
Resistance: 1718'6
Pivot: 1707'6
Support: 1661'2
Preferred Case:
On the H4, with price moving below the ichimoku cloud and price recently breaking the ascending trend channel, we have a bearish bias that price will drop from the pivot at 1707'6 in line with the 38.2% fibonacci retracement , 78.6% fibonacci projection and overlap resistance to the 1st support at 1661'2 in line with the 61.8% fibonacci projection and pullback support.
Alternative Scenario:
Alternatively, price may bounce off the pivot and rise to the 1st resistance at 1718'6 in line with the 100% fibonacci projection and pullback resistance.
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 soybean .
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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.