RICE FUTURES (ZR1!), H1 Potential for Bullish Rise
Type : Bullish Rise
Resistance : 17.980
Pivot: 17.430
Support : 16.990
Preferred Case: Price is moving within the ascending trend channel and is breaking through the ichimoku cloud in an uptrend momentum which supports our bullish bias that price will rise from the pivot at 17.430 where the overlap support and 23.6% fibonacci pullback to the 1st resistance at 17.980 in line with the 78.6% fibonacci projection and swing high resistance.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support at 16.990 in line with the swing low support and 78.6% fibonacci retracement.
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 : 17.980
Pivot: 17.430
Support : 16.990
Preferred Case: Price is moving within the ascending trend channel and is breaking through the ichimoku cloud in an uptrend momentum which supports our bullish bias that price will rise from the pivot at 17.430 where the overlap support and 23.6% fibonacci pullback to the 1st resistance at 17.980 in line with the 78.6% fibonacci projection and swing high resistance.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support at 16.990 in line with the swing low support and 78.6% fibonacci retracement.
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.
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