Wheat Futures ( ZW1! ), H1 Bearish dip!
Type : Bearish drop
Resistance : 1105'2
Pivot: 1080'2
Support : 1042'4
Preferred Case: With price expected to reverse off the stochastics indicator, we see a potential bearish continuation from our pivot level of 1080'2 which is in line with 61.8% Fibonacci retracement and horizontal pullback resistance towards our 1st support level of 1042'4 which is in line with the horizontal swing low support and 61.8% Fibonacci projection .
Alternative scenario: Alternatively, price may break our pivot structure and head for 1st resistance level of 1105'2 in line with 61.8% Fibonacci retracement and horizontal pullback resistance.
Fundamentals: No Major News
Resistance : 1105'2
Pivot: 1080'2
Support : 1042'4
Preferred Case: With price expected to reverse off the stochastics indicator, we see a potential bearish continuation from our pivot level of 1080'2 which is in line with 61.8% Fibonacci retracement and horizontal pullback resistance towards our 1st support level of 1042'4 which is in line with the horizontal swing low support and 61.8% Fibonacci projection .
Alternative scenario: Alternatively, price may break our pivot structure and head for 1st resistance level of 1105'2 in line with 61.8% Fibonacci retracement and horizontal pullback resistance.
Fundamentals: No Major News
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.