Wheat Futures (ZW1!) H4 | Falling towards a 61.8% Fibonacci Support
Wheat Futures (ZW1!) H4 | Falling towards a 61.8% Fibonacci Support
Type:
Bullish Bounce
Key Levels:
Resistance: 620’4
Pivot: 591’0
Support: 569’2
Preferred Case:
Looking at the H4 chart, the price could fall towards a pullback support and stabilize around this level before reversing to bounce higher toward the 1st resistance at 620’4. The presence of the green Ichimoku Cloud adds further significance to the strength of the bullish momentum.
Alternative Scenario:
Price may break below the Pivot at 591’0 and fall toward the 1st Support at 569’2.
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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.