Soybean Futures (ZS1!) H1 | Multi-swing-low Support at 38.2% Fibonacci Retracement
Soybean Futures (ZS1!) H1 | Multi-swing-low Support at 38.2% Fibonacci Retracement
Type:
Bullish Reversal
Key Levels:
Resistance: 1008'6
Pivot: 987'6
Support: 972'0
Preferred Case:
Looking at the H1 chart, the price could fall towards a multi-swing-low support where it could potentially stabilize before reversing to bounce higher towards the 1st Resistance at 1008'6.
Alternative Scenario:
Price may break below the Pivot at 987'6 and fall towards the 1st Support at 972'0.
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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.