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.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.