Type:
Bullish Rise
Key Levels:
Resistance: 1716'4
Pivot: 1702'6
Support: 1675'4
Preferred Case:
Price is moving below the ichimoku cloud which supports our bearish bias that price will drop from the pivot at 1702'6 where the overlap resistance and 23.6% fibonacci retracement are to the 1st resistance at 1716'4 in line with the swing high resistance, 50% fibonacci retracement .
Alternative Scenario:
Alternatively, price may break pivot structure and drop to the 1st support at 1675'4 in line with the swing low support, 100% fibonacci projection and 50% fibonacci retracement .
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.