Wheat Futures ( ZW1! ), H1 Bearish Dip!

wheat-futures-(-zw1!-),-h1-bearish-dip!

Type: Bearish DropKey Levels:Resistance: 1105’2Pivot: 1080’2Support: 1042’4Preferred Case:With price expected to reverse off the stochastics indicator, we see a potential bearish continuation from our pivot level of 1080’2 which is in line with 61.8% Fibonacci retracement and horizontal pullback resistance towards our 1st support level of 1042’4 which is in line with the horizontal swing low support and 61.8% Fibonacci projection.Alternative Scenario:Alternatively, price may break our pivot structure and head for 1st resistance level of 1105’2 in line with 61.8% Fibonacci retracement and horizontal pullback resistance.Fundamentals:No Major News

Source: Tickmill

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