Oats Futures ( ZOK2022 ), H4 Potential for Bearish Momentum
Title: Oats Futures ( ZOK2022 ), H4 Potential for Bearish Momentum
Type: Bearish Momentum
Resistance: 745.500
Pivot: 613.250
Support: 665.000
Preferred case: On the H4 chart, we have a bearish bias. To add confluence to this, price is under the Ichimoku cloud which indicates a bearish market. If this bearish momentum continues, expect price to head back down the the support level at 665.000, where the 78.6% Fibonacci line is.
Alternative scenario: Price may go back up and head towards the resistance at 745.500 where the 38.2% Fibonacci line is located.
Fundamentals: There are no major news.
Type: Bearish Momentum
Resistance: 745.500
Pivot: 613.250
Support: 665.000
Preferred case: On the H4 chart, we have a bearish bias. To add confluence to this, price is under the Ichimoku cloud which indicates a bearish market. If this bearish momentum continues, expect price to head back down the the support level at 665.000, where the 78.6% Fibonacci line is.
Alternative scenario: Price may go back up and head towards the resistance at 745.500 where the 38.2% Fibonacci line is located.
Fundamentals: There are no major news.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results