Wheat Futures ( ZW1! ), H1 Bullish Bounce!


Type: Bullish BounceKey Levels:Resistance: 1108’4Pivot: 1071’6Support: 1055’0Preferred Case:Prices are at a pivot . We see the potential for a bounce from our pivot at 1071’6 in line with 23.6% Fibonacci Retracement towards our 1st resistance at 1108’4 which is an area of Fibonacci confluences. Prices are trading above our Ichimoku clouds , further supporting our bullish bias.Alternative Scenario:Price might continue to dip towards the 1st support level of 1055’0 in line with 38.2% Fibonacci retracement .Fundamentals:No Major News

Source: Tickmill

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