Type : Bullish Rise
Resistance : 1508'4
Pivot: 1438'6
Support : 1400'4
Preferred Case: On the H4, with prices moving above the ichimoku indicator and broken out of the descending trendline , we have a bullish bias that price will rise from the pivot at 1438'6 where the pullback support and 23.6% fibonacci retracement are to the 1st resistance at 1508'4 where the swing high resistance is.
Alternative scenario: Alternatively, price could break pivot structure and drop to the 1st support at 1400'4 where the pullback support, 38.2% fibonacci retracement and 78.6% fibonacci projection are.
Fundamentals: Since Russia and Ukraine are major exporter of agriculture goods, their persistent war will lead to a shortage of agricultural goods and give us a bullish bias for soybean .
Resistance : 1508'4
Pivot: 1438'6
Support : 1400'4
Preferred Case: On the H4, with prices moving above the ichimoku indicator and broken out of the descending trendline , we have a bullish bias that price will rise from the pivot at 1438'6 where the pullback support and 23.6% fibonacci retracement are to the 1st resistance at 1508'4 where the swing high resistance is.
Alternative scenario: Alternatively, price could break pivot structure and drop to the 1st support at 1400'4 where the pullback support, 38.2% fibonacci retracement and 78.6% fibonacci projection are.
Fundamentals: Since Russia and Ukraine are major exporter of agriculture goods, their persistent war will lead to a shortage of agricultural goods and give us a bullish bias for soybean .