Soybean Futures (SI1!) H4 | Falling to Pullback Support
Type:
Bullish Bounce
Key Levels:
Resistance: 1056’6
Pivot: 1014’4
Support: 986’6
Preferred Case:
Looking at the H4 chart, the price is approaching a pullback support where it could stabilize before making a bullish bounce to climb higher. The bullish momentum could cause the price to rise towards the 1st Resistance at 1056’6.
Alternative Scenario:
Price may break below the Pivot at 1014’4 and rise towards the 1st Support at 986’6.
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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.