Wheat Futures (ZW1!), H4 Bearish Dip

36828 wheat futures zw1 h4 bearish dip

Type: Bearish DipKey Levels:Resistance: 1075’6Pivot: 1036’6Support: 982’0Preferred Case:Prices have approached our Pivot at 1036’6 in line with 61.8% Fibonacci Retracement. We see the potential for a dip from our Pivot at 1036’6 towards our 1st support at 982’0 in line with 61.8% Fibonacci Projection. Prices are trading below our Ichimoku cloud resistance, further supporting our bearish bias.Alternative Scenario:Price might continue to climb towards the 1st resistance level of 1075’6 in line with 100% Fibonacci projection.Fundamentals:No Major News

Source: Tickmill

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