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Wheat Futures ( ZW1! ), H1 Bearish Dip!

37267 wheat futures zw1 h1 bearish dip

Type: Bearish DropKey Levels:Resistance: 1131’6Pivot: 1107’0Support: 1075’2Preferred Case:Prices are at a pivot . We see the potential for a dip from our pivot at 1107’0 in line with which is an area of Fibonacci confluences towards our 1st support at 1075’2 in line with 38.2% Fibonacci retracement. RSI is at levels where pullbacks previously occurred, further supporting our bearish bias.Alternative Scenario:Price might continue to rise towards the 1st resistance level of 1131’6 in line with -61.8% Fibonacci expansion.Fundamentals:No Major News

Source: Tickmill

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