Wheat Futures ( ZW1! ), H1 Bullish Rise!

wheat-futures-(-zw1!-),-h1-bullish-rise!

Type: Bullish RiseKey Levels:Resistance: 1105’2Pivot: 1081’4Support: 1065Preferred Case:With price moving above the Ichimoku cloud and and the recent break of the descending trendline which signifies bullish momentum, we have a bullish bias that price will rise to our 1st resistance in line with the 1105’2 in line with the 61.8% Fibonacci retracement and swing high resistance from our pivot of 1081’4 in line with the 61.8% Fibonacci retracement and the horizontal overlap support.Alternative Scenario:Alternatively, price may break pivot structure and head for 1st support at 1065 in line with the 50% Fibonacci retracement and the horizontal pullback support.Fundamentals:No Major News

Source: Tickmill

Related Posts