Wheat Futures ( ZW1! ), H1 Potential For Bearish Continuation

wheat-futures-(-zw1!-),-h1-potential-for-bearish-continuation

Type: Bearish ContinuationKey Levels:Resistance: 11122’2Pivot: 1105’2Support: 1080’4Preferred Case:With the MACD indicating some bearish momentum, we have a bearish bias that price will drop to our 1st support in line with the 50% Fibonacci retracement and horizontal pullback support from our pivot of 1105’2 in line with the 23.6% Fibonacci retracement and the horizontal overlap support.Alternative Scenario:Alternatively, price may break pivot structure and head for 1st resistance in line with the 127.2% Fibonacci extension and horizontal swing high resistance.Fundamentals:No Major News

Source: Tickmill

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