Type: Bullish BounceKey Levels:Resistance: 1103’6Pivot: 1084’0Support: 1072’4Preferred Case:On the H1, price is moving above the ichimoku cloud which supports our bullish bias that price will rise from the pivot at 1084’0 where the overlap support and 23.6% fibonacci retracement are to the 1st resistance at 1103’6 in line with the overlap resistance, 78.6% fibonacci projection and 127.2% fibonacci extension .Alternative Scenario:Alternatively, price may break pivot structure and drop to the 1st support at 1072’4 in line with the overlap support and 38.2% fibonacci retracement .Fundamentals:Since both countries, Russia and Ukraine, are major exporter of agriculture goods and their persistent war will lead to a shortage of agricultural goods and give us a bullish bias for wheat .
Source: Tickmill
