Type: Bearish MomentumKey Levels:Resistance:1484.50Pivot:1409.75Support:1431.50Preferred Case:On the H4 chart, we have a bearish bias. To add confluence to this, price is crossing under the Ichimoku cloud which indicates a bearish market. If this bearish momentum continues, expect price to possibly break the support line at 1431.50 where the 50% Fibonacci line is located before heading towards the Pivot at 1409.75, where the 38.2% Fibonacci line is.Alternative Scenario:Price may go back up to retest the resistance at 1484.50, where the previous swing high and 78.6% Fibonacci line is. Fundamentals:There are no major news.
from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/soybean-futures-zs1-h4-potential-for-bearish-momentum"
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