Type: Bearish MomentumKey Levels:Resistance: 1718'6Pivot: 1707'6 Support: 1661'2Preferred Case:On the H4, with price moving below the ichimoku cloud and price recently breaking the ascending trend channel, we have a bearish bias that price will drop from the pivot at 1707'6 in line with the 38.2% fibonacci retracement , 78.6% fibonacci projection and overlap resistance to the 1st support at 1661'2 in line with the 61.8% fibonacci projection and pullback support.Alternative Scenario:Alternatively, price may bounce off the pivot and rise to the 1st resistance at 1718'6 in line with the 100% fibonacci projection and pullback resistance.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 . (edited)
from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/soybean-zs1-h4-potential-for-bearish-continuation"
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