Soybean Futures (ZS1!) H4 | Potential Bearish Breakout
Type:
Bearish Breakout
Key Levels:
Resistance: 978'4
Pivot: 971'4
Support: 955'2
Preferred Case:
Looking at the H4 chart, the price is falling towards a potential breakout level where the bearish momentum could cause the price to drop towards the 1st Support at 955'2.
Alternative Scenario:
Price may reverse from the Pivot at 971'4 and rise towards the 1st Resistance at 978'4.
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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.