Oat Futures ( ZO1! ), H1 Potential for Bullish bounce
Type : Bullish Rise
Resistance : 690'6
Pivot: 679'3
Support : 673'1
Preferred Case: Price is moving above the ichimoku cloud which supports our bullish bias that price will rise from the pivot at 679'3 where the pullback support and 23.6% fibonacci retracement are to the 1st resistance at 690'6 in line with the swing high resistance, 78.6% fibonacci projection and 78.6% fibonacci retracement.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support at 673'1 in line with the overlap support and 38.2% 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 oat.
Resistance : 690'6
Pivot: 679'3
Support : 673'1
Preferred Case: Price is moving above the ichimoku cloud which supports our bullish bias that price will rise from the pivot at 679'3 where the pullback support and 23.6% fibonacci retracement are to the 1st resistance at 690'6 in line with the swing high resistance, 78.6% fibonacci projection and 78.6% fibonacci retracement.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support at 673'1 in line with the overlap support and 38.2% 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 oat.
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