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Wheat Futures (ZW1!), H4 Potential for Bearish Dip!

36206 wheat futures zw1 h4 potential for bearish dip

Type: Bearish DropKey Levels:Resistance: 1109’2Pivot: 1070’6Support: 1031’1Preferred Case:Prices are on bearish momentum and abiding by a descending trendline. We see the potential for a dip from our pivot at 1070’6 which is a graphical overlap and in line with 50% Fibonacci retracement towards our 1st support at 1031’0 in line with 61.8% Fibonacci Projection.Alternative Scenario:Alternatively, price may break our pivot structure and head for 1st resistance at 1109’2 which is a graphical overlap and in line with 161.8% Fibonacci projection.Fundamentals:No major news

Source: Tickmill

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