Wheat Futures (ZW1!) D1 | Approaching 50% Fibonacci Support
Type:
Bullish Reversal
Key Levels:
Resistance: 589'4
Pivot: 565'4
Support: 556'6
Preferred Case:
Looking at the D1 chart, the price is falling towards a multi-swing-low support where it could stabilize once again to make a bullish bounce towards the 1st Resistance at 589'4.
Alternative Scenario:
Price may break below the Pivot at 565'4 and fall towards the 1st Support at 556'6.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.