RICE FUTURES (ZR1!), H1 Potential for Bearish Momentum
Type : Bearish Drop
Resistance : 16.570
Pivot: 16.310
Support : 16.035
Preferred Case: On the H1, price is moving below the ichimoku cloud and within the descending channel which gives us a bearish bias that prices will drop to the pivot at 16.310 where the 78.6% fibonacci retracement, 61.8% fibonacci projection and swing low support are. Once there is downside confirmation that price has dropped to pivot , we would expect bearish momentum to carry prices to 1st support at 16.035 where the swing low support, 78.6% fibonacci projection and 61.8% fibonacci projection are.
Alternative scenario: Alternatively, price may rise to the 1st resistance level at 16.570 in line with the 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 rice.
Resistance : 16.570
Pivot: 16.310
Support : 16.035
Preferred Case: On the H1, price is moving below the ichimoku cloud and within the descending channel which gives us a bearish bias that prices will drop to the pivot at 16.310 where the 78.6% fibonacci retracement, 61.8% fibonacci projection and swing low support are. Once there is downside confirmation that price has dropped to pivot , we would expect bearish momentum to carry prices to 1st support at 16.035 where the swing low support, 78.6% fibonacci projection and 61.8% fibonacci projection are.
Alternative scenario: Alternatively, price may rise to the 1st resistance level at 16.570 in line with the 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 rice.