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Wheat Futures (ZW!), H4 Potential Bearish Dip!

35225 wheat futures zw h4 potential bearish dip

Type: Bearish ReversalKey Levels:Resistance: 1162’6Pivot: 1125’4Support: 1039’0Preferred Case:Prices are on bearish momentum and abiding by our descending trendline. We see the potential for a further bearish continuation from our Pivot at 1125’4 in line descending trendline towards our 1st support at 1039’0 in line with 61.8% Fibonacci projection. Our bearish bias is further supported by prices trading below our Ichimoku cloud resistance.Alternative Scenario:If prices were to continue its rally they can potentially climb towards our 1st resistance at 1162’6 in line with 38.2% Fibonacci retracement.Fundamentals: No major news.

Source: Tickmill

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