Soy beans Futures ( ZS1! ), H1 Potential for Bearish drop
Type : Bearish Continuation
Resistance : 1697'0
Pivot: 1685'0
Support : 1667'2
Preferred Case: With price moving below the ichimoku cloud , we have a bearish bias that price will drop to our 1st support at 1667'2 in line with the 78.6% fibonacci projection and swing low support from our pivot at 1685'0 in line with the horizontal overlap resistance,38.2% fibonacci retracement and 61.8% fibonacci retracement .
Alternative scenario: Alternatively, price may break pivot structure and head for 1st resistance at 1697'0 in line with the overlap resistance and 61.8% fibonacci retracement.
Fundamentals: No Major News
Resistance : 1697'0
Pivot: 1685'0
Support : 1667'2
Preferred Case: With price moving below the ichimoku cloud , we have a bearish bias that price will drop to our 1st support at 1667'2 in line with the 78.6% fibonacci projection and swing low support from our pivot at 1685'0 in line with the horizontal overlap resistance,38.2% fibonacci retracement and 61.8% fibonacci retracement .
Alternative scenario: Alternatively, price may break pivot structure and head for 1st resistance at 1697'0 in line with the overlap resistance and 61.8% fibonacci retracement.
Fundamentals: No Major News