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WHEAT FUTURES (ZW1!), H1 Potential For Bearish Bounce

39964 wheat futures zw1 h1 potential for bearish bounce

Type: Bearish ContinuationKey Levels:Resistance: 1170’2Pivot: 1159’0Support: 1121’4Preferred Case:With RSI moving in a downtrend momentum and price reversing off the ichimoku cloud , we have a bearish bias that price will drop to our 1st support at 1121’4 in line with the 78.6% fibonacci projection and horizontal overlap support from our pivot at 1159’0 in line with the horizontal swing high resistance.Alternative Scenario:Alternatively, price may break pivot structure and head for 1st resistance at 1170’2 in line with the pullback resistance, 38.2% fibonacci retracement and 61.8% fibonacci retracement .Fundamentals:No Major News

Source: Tickmill

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