Type : Bearish Momentum
Resistance : 16.985
Pivot: 16.760
Support : 16.360
Preferred Case: On the H1, price is moving below the ichimoku cloud and has a bearish exit from the ascending channel which supports our bearish bias that when price drops to our pivot at 16.760 in line with swing low resistance, 61.8% fibonacci projection and 78.6% fibonacci projection, there will be a bearish momentum that price will drop to the 1st support at 16.375 in line with the swing low support and 100% fibonacci projection .
Alternative scenario: Alternatively, price may break through pivot structure and rise to the 1st resistance level at 16.985 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 : 16.985
Pivot: 16.760
Support : 16.360
Preferred Case: On the H1, price is moving below the ichimoku cloud and has a bearish exit from the ascending channel which supports our bearish bias that when price drops to our pivot at 16.760 in line with swing low resistance, 61.8% fibonacci projection and 78.6% fibonacci projection, there will be a bearish momentum that price will drop to the 1st support at 16.375 in line with the swing low support and 100% fibonacci projection .
Alternative scenario: Alternatively, price may break through pivot structure and rise to the 1st resistance level at 16.985 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.