Soybean Futures (ZS1!) H1 | Falling from the 50% Fibo
Type:
Bearish Reversal
Key Levels:
Resistance: 1063’0
Pivot: 1054’2
Support: 1043’6
Preferred Case:
Looking at the H1 chart, the price is rising towards an overlap esistance where it could stall before reversing to fall lower toward the 1st Support at 1054’2 which aligns with the 50% Fibonacci retracement.
Alternative Scenario:
Price may break above the Pivot at 1054’2 which aligns with the 50% Fibonacci retracement and rise toward the 1st Resistance at 1063’0.
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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.