Wheat Futures (ZW1!) H1 | Rising into a Swing-high Resistance
Type:
Bearish Reversal
Key Levels:
Resistance: 566’6
Pivot: 555’2
Support: 538’4
Preferred Case:
Looking at the H1 chart, the price could rise toward the pivot and potentially make a bearish reversal off this level before falling toward the 1st Support at 538’4.
Alternative Scenario:
Price may break above the Pivot at 555’2 and rise toward the 1st Resistance at 566’6.
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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.