Rice Futures ( ZR1! ), H4 Potential for Bullish Continuation
Title: Rice Futures ( ZR1! ), H4 Potential for Bullish Continuation
Type: Bullish Continuation
Resistance: 18.530
Pivot: 17.620
Support: 16.630
Preferred case: Looking at the H4 chart, my overall bias for ZR1! is bullish due to the current price being above the Ichimoku cloud, indicating a bullish market. If this bullish momentum continues, expect price to continue heading towards the resistance at 18.530, where the recent high is.
Alternative scenario: Price could head back down to retest the pivot at 17.620, where the 61.8% Fibonacci line is.
Fundamentals: There are no major news.
Type: Bullish Continuation
Resistance: 18.530
Pivot: 17.620
Support: 16.630
Preferred case: Looking at the H4 chart, my overall bias for ZR1! is bullish due to the current price being above the Ichimoku cloud, indicating a bullish market. If this bullish momentum continues, expect price to continue heading towards the resistance at 18.530, where the recent high is.
Alternative scenario: Price could head back down to retest the pivot at 17.620, where the 61.8% Fibonacci line is.
Fundamentals: There are no major news.