Type: Bearish MomentumKey Levels:Resistance: 1085’2Pivot: 1065’2Support: 1027’0Preferred Case:On the H1, price is moving below the ichimoku cloud which supports bearish bias that price will drop from our pivot at 1065’2 in line with the overlap resistance and 23.6% fibonacci retracement to the 1st support at 1027’0 in line with the swing low support.Alternative Scenario:Alternatively, price may break through pivot structure and rise to the 1st resistance level at 1085’2 in line with the overlap resistance, 23.6% fibonnaci retracement, 38.2% fibonacci retracement and 100% fibonacci projection .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 wheat .
Source: Tickmill
