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

36265 wheat futures zw1 h4 potential for bearish dip

Type: Bearish DropKey Levels:Resistance: 1045’0Pivot: 1031’0Support: 977’2Preferred Case:Prices are on bearish momentum and abiding by a descending trendline. We see the potential for a dip from our pivot at 1031’0 which is a graphical overlap and in line with an area of Fibonacci confluences towards our 1st support at 977’2 in line with 200% Fibonacci Projection.Alternative Scenario:Alternatively, price may break our pivot structure and head for 1st resistance at 1045’0 which is a graphical overlap and in line with 38.2% Fibonacci retracement.Fundamentals:No major news

Source: Tickmill

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