Wheat Futures (ZW1!) H4 | Potential Bearish Reversal
Type:
Bearish Reversal
Key Levels:
Resistance: 593'0
Pivot: 576'6
Support: 550'0
Preferred Case:
Looking at the H4 chart, the price is rising towards a pullback resistance where it could stall before reversing to fall lower. The momentum indicators (stochastic oscillator and RSI) indicate a potential 'Overbought' condition and the price could reverse to drop towards the 1st Support at 550'0.
Alternative Scenario:
Price may break above the Pivot at 576'6 and rise towards the 1st Resistance at 593'0.
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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.