Type:
Bullish Momentum
Key Levels:
Resistance: 1746'4
Pivot: 1681'0
Support: 1664'0
Preferred Case:
On the H4, with price moving above the ichimoku cloud, we have a bullish bias that price will rise from the pivot at 1681'0 in line with the 38.2% fibonacci retracement to the horizontal overlap resistance at 1746'4 at the swing high.
Alternative Scenario:
Alternatively, price may break the support structure at the pivot and drop to the support level at 1664'0 in line with the 61.8% fibonacci projection and 50% fibonacci retrracement.
Fundamentals:
With the ongoing Russian-Ukraine war, soybean supply has decreased, and demand has been continually increasing, thus we have a bullish view on 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.