Wheat Futures (ZW1!) H4 I Overlap Resistance at 61.8% Fibonacci Retracement
Wheat Futures (ZW1!) H4 I Overlap Resistance at 61.8% Fibonacci Retracement
Type:
Bearish Reversal
Key Levels:
Resistance: 572’6
Pivot: 546’4
Support: 509’6
Preferred Case:
Looking at the H4 chart, the price could rise toward the pivot and potentially make a bearish reversal off this level before falling toward the 1st Support at 436’0.
Alternative Scenario:
Price may break above the Pivot at 546’4 and rise toward the 1st Resistance at 572’6.
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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.