Wheat Futures (ZW1!) H4 | Falling to Overlap Support at 50% Fibonacci Retracement
Wheat Futures (ZW1!) H4 | Falling to Overlap Support at 50% Fibonacci Retracement
Type:
Bullish Bounce
Key Levels:
Resistance: 576'6
Pivot: 554'0
Support: 543'0
Preferred Case:
Looking at the H4 chart, the price is falling towards an overlap support where it could potentially make a bullish bounce off this level to rise towards the 1st Resistance at 576'6.
Alternative Scenario:
Price may break below the Pivot at 554'0 and fall towards the 1st Support at 543'0.
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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.